Minister of Economic Development Fayyaz Ismail has affirmed the government has no plans or wish to sell any airport in the Maldives to a foreign entity. The minister made the statement at a press conference held on the recent amendment to the Foreign Direct Investment (FDI) policy.
At the press conference, Minister Fayyaz said the revised FDI policy creates a transparent and simple procedure for FDI that sets clear boundaries and incentives for foreign investment. The economic minister also refuted rumours that the recent amendments were made to sell a Maldivian airport to a foreign party. Fayyaz said the government has no plans to sell any shares or rights of the airports that are currently operating in the Maldives to any foreign party.
He said foreign companies were given the right to own 100% shares in airports under the previous government, but the current administration formalised the process through a transparent FDI policy and has set the limit at 75% ownership. However, the economic minister said through consultations with investors and to attract investments in key regions, the policy was revised to allow 100% ownership to foreign parties, adding that approval would be given based on proposals received and on a case-by-case basis. Fayyaz said the government has opened proposals for foreign parties to invest in four airports currently under development since the state currently does not have the capacity to develop more airports. More financial investment, whether through loans or private investments, would allow the development of airports and the growth of the surrounding regions, he added.
The minister further elaborated on the recent amendment by saying that the government will not allow foreign parties to run air traffic control operations and that the minimum allowed investment of USD 5 million is not enough for any party to receive a majority share of an airport.