The Ministry of Economic Development has concluded a colloquium titled “Doing Business in the Maldives – A Judicial Perspective.”
The two-day conference was aimed at making the judicial sector more business friendly, the Ministry said.
At the conference, the Department of Judicial Administration (DJA) said the courts in Maldives conclude business-related cases within two months of submission, adding that necessary changes have been brought to the court procedure to expedite business related cases.
Discussions were also held at the conference on ways to further develop the judicial sector. DJA says it is continuously working with relevant authorities to make the judicial sector more business friendly.
The Ministry of Economic Development stated the numerous changes have been brought to the existing laws to make the Maldives a more investor friendly country. The Ministry also noted the importance of the judicial sector development in achieving the current administration’s economic agenda.
The colloquium, the first of its kind in the country, was inaugurated by President Abdullah Yameen Abdul Gayoom. The President said that speeding up the court process for cases involving businesses in the Maldives was vital in securing entrepreneur’s trust in the country’s investment sector. President Yameen 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 inaugural speech, the President highlighted the measures taken in the past to promote the country’s foreign investment sector around the world. In this regard, the President 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.