Biz community gets enthusiastic invite at investment forum
Wednesday, 22 January 2014 00:00
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The Maldives government is looking for investors interested in healthcare, transhipment, airport construction and export industries as part of the government’s strategy to diversify the economy, a top official said here on Tuesday.
Minority Leader of the Maldives Parliament Moosa Zameer who is part of a large delegation accompanying Maldives President Abdulla Yameen on an official visit to Sri Lanka laid out the economic plans of the government during a special Maldives-Sri Lanka business forum.
Many and varied investment opportunities between Maldives and Sri Lanka were laid out during the meeting that brought together investors of different sectors and gave them a chance to discuss the difficulties they face in doing business in the other country.
Zameer outlined the extensive economic plan of the new government that came into power in November, which will also concentrate on establishing Special Economic Zones in the Maldives.
“We encourage a variety of sectors to invest in this venture. We are of course looking at hotels but beyond that we want to also see sea sports, medical tourism, transhipment, cruise terminals and export industries,” he said.
Medical tourism is a special area that the government is focusing on with Sri Lankan and other international investors called onto approach the Maldives government.
“We are also keen to find investors in education that will provide specialised training to our youth focusing on specific industries. Right now there is a huge dearth of highly trained youth and this is a hurdle to our development.”
Ceylon Chamber of Commerce-linked Sri Lanka - Maldives Bilateral Business Council President Tikiri Ellepola speaking at the forum called for the Maldives and Sri Lankan governments to exchange trade delegations more frequently and form a joint committee to analyse investment opportunities in the two countries.
“Shortage of foreign currency, increased number of work permits, transparent investment policies and customised training for Maldivians so that they have better employment opportunities with Sri Lankan ventures are among the needs of the business community,” he said.
Ellepola also called on the Maldives government to increase the current 49 percent foreign holding of ventures to 50 percent or beyond to encourage more investment.
Tycoon Gasim Ibrahim who is considered to be the richest man in the Maldives told the gathering that Maldives remains “the best investment destination” due to its lack of bureaucracy, simplified tax system and 100 percent repatriation of profits.
The delegation will accompany Maldives President Abdulla Yameen when he meets Sri Lanka President Mahinda Rajapaksa on Wednesday for further bilateral discussions.
