Treaty to boost UAE-Maldives trade and investment ready to be inked

By P.K. Balachandran

Opportunities for investment and trade between the UAE and the Maldives will increase manifold when a Bilateral Investment Treaty and an Avoidance of Double Taxation agreement are signed later this year, Maldivian officials said on Tuesday.

“Negotiations for the two agreements have already been concluded,” they said.

The total volume of non-oil foreign trade between the UAE and the Maldives has progressively gone up over the past five years, increasing by 12% from AED 422 million ($ 114.8 million) in 2015 to AED 475 million ($ 129.2 million) in 2016.

The timing of the signing of the two pacts is perfect. The Maldives Investment Forum (MIF), the prime investment event of the Government of Maldives, will be held at the Sheikh Maktoum Hall at the Dubai International Convention Centre on 18 December. It will be the fourth edition of the MIF.

Maldives and the UAE are looking to enhancing cooperation in aviation and tourism; strengthening investments in tourism facilities and infrastructure as well as real-estate, renewable energy, innovation, and Small and Medium Enterprises (SMEs).

Implemented through the Ministry of Economic Development the MIF will showcase lucrative investment opportunities in the Maldives. 

The event will be attended by top officials of the Governments of the Maldives and the UAE. In addition, key companies and institutions in the two countries will be represented.

“MIF will be the ideal platform to initiate investment leads, network and enhance business prospects,” Maldivian officials said.

The MIF is aimed at bridging the gap between today’s global business landscape and the booming Maldivian economy. 

It aims to introduce lucrative investment opportunities in Maldives, its openness to foreign investments, its tailor made legal framework, Special Economic Zones Act and other benefits to international investors.

The MIF is for international and local investors, government entities, consultants and individual businesses that are looking to expand beyond their current scope and venture into the global arena, officials said.  

This year, MIF will see leading international business names, key business and government figures from the UAE, top government officials from the Maldives, major government corporations, big names in the Maldives private sector, and international legal experts, all converging and synergizing in the global city of Dubai.