President: Efforts to facilitate investors

President Abdulla Yameen has said that efforts will begin to facilitate the arrival of the foreign investors who have expressed interest in investing in the Maldives, as soon as the Special Economic Zone (SEZ) Bill is ratified.

President Yameen made this remark while talking to reporters at the airport today, at a news briefing prior to former President Maumoon Abdul Gayoom’s departure to Samoa to participate in the Third International Conference on Small Island Developing States.

The President said that the first step once the bill is ratified and the legal framework is established, would be to establish the structure; and if the bill can be ratified today, the expert committee and the policy committee will be established already on Sunday.

He said that as soon as the bill comes into effect, efforts will begin to evaluate the proposals that have been received by the government, such as the proposals for the iHaven project and other big projects in Faafu, and Dhaalu Atoll.

“We are often faced with the question, whether 35 years or 99 years is enough for investments exceeding $1 billion. Now this has been facilitated, by establishing a law. Efforts related to this bill will be completed once the investments arrive in the Maldives. Until now, it hasn't even been possible to hold discussions with such investors,” he said.

Commenting on the SEZ bill, former President Gayoom said that once the law comes into effect, foreign investors would not hesitate to invest in the Maldives, as they would be assured of the legal protection necessary for such investments.