Fayyaz: No significant investment by Indian businesses, opportunity remains open

Economic Minister Fayyaz Ismail says Maldives is yet to receive a significant investment from Indian businesses despite the close diplomatic relations between the two countries.

He made the comment in his speech at the Conference on Exploring Opportunities Between Maldives and Kerela this Wednesday.

Beginning his speech, Fayyaz noted that the reinforced diplomatic ties between Maldives and India meant more avenues for trade relations between the two countries.

“There has not been significant investment by Indian businesses in Maldives despite the strong bond and cultural relations between the two countries. I believe the lack of such interactions in the past is one reason for this. It is unfortunate Indian businesses have been unable to know the opportunities available in Maldives,” said Fayyaz.

He expressed hope the conference, and future such interactions between the business communities of the countries facilitated such opportunities.

Fayyaz said that both local and foreign investors in Maldives had faced numerous challenges over the past five years. He said that the current Maldivian administration was working on reversing the issues and restoring credibility.

He also spoke about the current administration’s plans for economic reform in Maldives.

According to Fayyaz, the Maldivian administration planned to reform the Maldivian economy through diversification – by developing industries sidelined in favor of tourism and fisheries; and modernization – by revising laws and regulations which hinder the growth and development of local businesses.