President Abdulla Yameen Abdul Gayoom has said that speeding up the court process for cases involving businesses in the Maldives was vital in securing entrepreneurs’ trust in the country’s investment sector. He made the remark while speaking at the inauguration of the colloquium “Doing Business in the Maldives – A Judicial Perspective”.
At the ceremony held Monday, the President stated that legal reform actions were being taken to ensure that major legal cases that affect financial intermediaries such as banks, reach a final resolution of the Supreme Court within 5 or 6 months of filing.
In his speech, the President highlighted the measures taken in the past to promote the country’s foreign investment sector around the world, and noted the success of publicity road shows held in different countries. He also underscored that a law on foreign investments in the Maldives was being implemented, and necessary legal reform actions were being taken to strengthen the sector.
At the ceremony, President Yameen stated that the administration’s aim was to make the Maldives one of the leading countries in the region and in the world, in entrepreneurship and financial sectors. He noted that the administration was working on making the country the most feasible country for investors, and to improve our credit rating. He also pointed out that this would facilitate in minimising investment risks, and ensuring compensation for damages, which would in turn maintain investors’ trust.
Pointing out that the Maldives was politically independent and sovereign; the President noted that we were unable to practice the same freedom in financial matters, or foreign investments. However, the President said that the Maldives boasted a healthy and robust economy, noting that this status could only be maintained with necessary legal reforms and their implementation.
He also revealed plans to establish an international arbitration centre in the Maldives, adding that the government is in talks with countries such as Malaysia and Singapore to gather information on ways to establish such an arbitration centre.
Speaking at the inaugural ceremony, Chief Justice Abdulla Saeed said the judiciary has been working to eliminate the obstacles facing businesses in the country.
The judiciary has been undertaking efforts to further strengthen the legal protection of businesses over the last three years, he said, highlighting the Dispute Resolution Division established under the Civil Court.
Minister of Economic Development, Mohamed Saeed also spoke at the ceremony. He said that the Ministry of Economic Development was working with the Attorney General’s Office to bring necessary changes to the Companies Act of Maldives, including the waiving off the annual fee for companies operating in the Maldives.
The main objective of the planned amendments is to make the country more business friendly, he added.