MP for Manadhoo Constituency Ahmed Haroon has submitted the bill on foreign investments in the Maldives that looks to set guidelines on how foreign investors can operate in the country and how licenses should be issued to foreign contractors.
He submitted the bill to the parliament on behalf of the government.
The bill provides guidelines on the areas foreigners can invest in the Maldives and rules on how the investors would be issued permits in the Maldives as well as guidelines on the protection given to such investors.
The Bill also gives conditions in which the state can take over foreign investments and guidelines on providing compensation for such takeovers as well as guidelines on how to issue licenses to foreign contractors and guidelines on how these contractors must act in the Maldives.
It also details how foreign investors must apply for a permit to invest in the Maldives and the details of the investors who are active in the Maldives.
If this bill eventually becomes law, foreign investors active in the country must abide by the contents of the law as well as any other regulation or guidelines published under it.
The Bill promises hefty fines on foreign investors who disobey the bill or any other regulation formed under the bill when it becomes a law.
The Government said that the purpose of this bill is to strengthen foreign investments in the country and to further enforce the legal framework behind foreign investments.
