The Ministry of Economic Development and Trade announces the publication of the revised Foreign Investment Entry Requirements pursuant to Section 11 of the Foreign Investment Act (Act No. 11/2024), ratified by His Excellency President Dr. Mohamed Muizzu on 03 September 2024. These revisions, endorsed by the Cabinet, reflect the Government’s balanced approach to economic diversification by strengthening local industries in sectors where domestic capacity exists, while creating greater openness in areas that require foreign capital and expertise. They form part of the broader national development agenda to foster sustainable growth and investment, while safeguarding economic and national security.

The updated foreign investment entry requirements are published with this announcement as Annex I and outline which sectors are:

Open to full foreign ownership,
Restricted with joint venture or shareholding conditions, and
Closed to new foreign investment.
In consultation with the Cabinet, the Ministry considered the following factors as required by law in determining the entry requirements:

National security implications of foreign participation,
Impact on domestic market competitiveness,
Readiness of Maldivian businesses in the sector,
Need for foreign capital and expertise,
Long-term contribution to national productivity, and
Human capital development and effect on employment opportunities.
The new entry requirements take immediate effect from the date of this announcement and will remain in force until a future review is undertaken and updates, if any, are endorsed by the Cabinet and published in the Government Gazette.

Transition Arrangements for Existing Investors

As some sectors previously open to foreign investment are now restricted, the Ministry affirms that existing investors with prior approvals who have made substantial investments and long-term commitments will be provided with appropriate, time-bound transition arrangements developed aligned with international best practices. Existing investments will also be permitted to continue business operations for the duration of their approved Foreign Investment Agreement (FIA) period.

These arrangements are designed to maintain investor confidence while ensuring fair market competition and upholding the credibility of the Government’s new policy positions.

Existing investments in the restricted sectors will be honored and reviewed on a case-by-case basis, taking into account the scale of committed investment, compliance with regulatory requirements, and contribution to the national economy. During the transition period, businesses will not be permitted to expand in restricted sectors and must take steps to achieve full compliance by the end of the allowed period. The transition framework that will be applied is set out in Annex II of this announcement.

A Foreign Investment Transition Committee, established under the Ministry, will determine applicable timelines and the scope of operations eligible for transition. Transition periods will generally range from one to seven years, depending on sector and scale of investment.

All investors in affected sectors are required to follow the structured compliance process as noted below:

Submit a Transition Request Application along with required documents (e.g., tax clearance, audited financials, shareholding structure) to the Ministry at This email address is being protected from spambots. You need JavaScript enabled to view it..
The Ministry will conduct preliminary due diligence and forward complete cases to the Foreign Investment Transition Committee.
The Committee may request additional documents or invite the investor to present their case before making a recommendation.
Final decisions will be issued through a Transition Arrangements Letter detailing timelines and exit conditions.
Investors may appeal the decision of the Committee, through a re-evaluation process, for a final determination.
The Ministry shall ensure that all complete applications are processed within a maximum of 60 working days. 

To support a smooth and transparent transition, the Ministry will also publish:

Document that outlines the process to be followed in applying for transitional review.
The Ministry reaffirms that it will continue to work closely with stakeholders in implementing the new Foreign Investment Entry Requirements and Transition Framework, fostering a transparent, inclusive and competitive investment climate.

Source: https://gazette.gov.mv/iulaan/363249

The Maldives and Egypt have signed a Memorandum of Understanding (MoU) on Political Consultations between the Ministry of Foreign Affairs of the Republic of Maldives and the Ministry of Foreign Affairs of the Arab Republic of Egypt, aimed at further strengthening the longstanding bonds of friendship and cooperation between the two countries.

The MoU on Political Consultations formalises the consultation mechanism established between the two countries in 2019, providing a structured framework for regular dialogue on bilateral, regional, and international issues of mutual interest.

The MoU were signed on behalf of the Government of Maldives by Dr. Abdulla Khaleel, Minister of Foreign Affairs of the Republic of Maldives, and on behalf of the Government of Egypt by Dr. Badr Ahmed Mohamed Abdelatty, Minister of Foreign Affairs of the Arab Republic of Egypt, at a ceremony held at Tahrir Palace in Egypt.

Speaking after the ceremony, Minister Khaleel underscored the deep-rooted historical and cultural ties between Maldives and Egypt and expressed confidence that the formalization of the MoU on Political Consultation will contribute to closer cooperation and enhanced people-to-people relations. Minister also highlighted that two successful rounds of consultations have already taken place in Cairo, and in Male’, respectively in 2019, and 2023, reflecting the shared commitment of both countries to sustained diplomatic engagement. 

The Government of Maldives remains committed to working closely with Egypt to build on the momentum of this visit and explore new avenues of partnership in the years ahead.

Foreign Minister Dr. Khaleel was accompanied at the signing ceremony by Secretary, Dr. Hala Hameed, and Additional Secretary Ms. Khadeeja Najeeha at the Ministry of Foreign Affairs.

ENDS

The Government of Maldives welcomes the agreement reached on the terms for the commencement of implementation of the first phase of US President Trump’s proposal to end the war on Gaza strip. 

The agreement reached today represents a glimmer of hope for sustaining calmness and offers the people of Palestine an opportunity to begin the long process of healing, restoration of peace and an end to the untold suffering they have endured over many years. The Maldives commends the tireless efforts of the countries that worked relentlessly to make this outcome a reality. However, Israel has repeatedly violated all previous agreements reached. It must now fulfil the obligations it has undertaken under this new agreement. The Maldives further stresses that Israeli leaders indicted by the International Criminal Court must be brought to justice.

The Maldives remains steadfast in its support for the legitimate rights of the Palestinian people, including their right to self- determination, and the establishment of an independent and sovereign State of Palestine, based on the pre-1967 borders, with East Jerusalem as its Capital.

Ends