Maldives assures full security for foreign investments

Minister Shainee giving remarks PHOTO:Fisheries Ministry

Minister Shainee giving remarks PHOTO:Fisheries Ministry

All investments made in the Maldives will be profitable and secure, assured Minister of Fisheries and Agriculture Mohamed Shainee at the Raisina Dialogue, New Delhi.

Speaking as the representative of the Maldives at one of the biggest political and economic conferences of India, Minister Shainee declared that foreign investments have played an important role in advancing the island nation. Highlighting the aid received from the United States, United Kingdom and Saudi Arabia, the minister stated that India has played the most vital role in expanding the economy of the Maldives.

Highlighting the main reasons for investor confidence in the archipelago, Shainee noted that investments in the Maldives boast higher return profit, shorter time for cost recovery, higher security and legal provision.

“Maldives is an exemplary nation for foreign investments,” said Minister Shainee.

Though the state is reassuring the investor security in the Maldives, the government has called off several agreements with Indian companies made in Former President Mohamed Nasheed’s administration. This includes the agreement awarding operations of the Maldives’ main airport to GMR Group for which the Maldives had to settle USD 271 million as compensation, the agreement with TATVA Company to establish a waste management mechanism and also the agreement with Tata Housing Development Company to develop flats in capital Male which was completed after several issues and delayed procedures.

Noting that a fall in economy will take away the political peace of the country, Shainee invited foreign firms to further invest in the Maldives.

Recently, Indian diplomats have raised concern over the selling of Feydhoo Finolhu island to a Chinese company for 50 years for a USD 4 million. Indian media reported that some diplomats are concerned that selling the uninhabited island nearest to capital Male and the main airport of the Maldives might have a negative effect on the strategic interests of India.

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