Foreign investment registrations reach 313 since November 2023, Minister says

A total of 313 foreign investments have been registered in the Maldives since November 2023, according to Minister of Economic Development, Transport and Trade Mohamed Saeed.

Saeed disclosed the figure while addressing Parliament on Wednesday during debate on a no-confidence motion against him.

The Minister compared the figure with 245 foreign investment registrations recorded between 2018 and 2023.

He said 212 foreign investments were registered between 2008 and 2013, while 406 were registered between 2013 and 2018.

The figures refer to foreign investment registrations and do not indicate the total value of investments or the number of projects that have reached implementation.

Saeed also said the Government has organised 11 international business forums in markets including China, India, the United Arab Emirates, the United Kingdom, Germany, Malaysia, Sri Lanka and Pakistan as part of its investment promotion efforts.

He said individual investment decisions could not necessarily be attributed directly to a specific business forum, as investment decisions typically involve several factors.

The Government introduced a new Foreign Investment Act in 2024, replacing the previous legislation governing foreign investment in the Maldives. The Ministry of Economic Development, Transport and Trade has since introduced new entry requirements governing sectors open to foreign investors.

Invest Maldives, under the Ministry, is responsible for foreign investment promotion, facilitation and registration.