President Muizzu Says Maldives is Working to Build an Open and Competitive Economy for Sustainable Investments

President Muizzu Says Maldives is Working to Build an Open and Competitive Economy for Sustainable Investments

• 05/05/2026
• General

President Dr. Mohamed Muizzu has stated that the Maldives is working to open the country to sustainable investments and build a competitive economy. He made these remarks while delivering the keynote address at the Maldives-Sri Lanka Business Forum.

In his address, the President described the long-standing cultural ties and 60 years of diplomatic relations between the Maldives and Sri Lanka as a "civilizational closeness." He also highlighted the Government's efforts under its economic reform agenda and "Vision 2040" to accelerate economic transformation driven by private sector growth and to strengthen investor confidence. Furthermore, he emphasized opportunities to deepen cooperation between the two countries in areas such as urban development, digital innovation, sustainable tourism, and food security.

President Muizzu stated that the Government has introduced amendments to the 40-year-old Foreign Investment Act and the Foreign Investment Regulation to provide a clearer and more transparent framework for investors. He noted that while reforms are being implemented to protect sectors where local businesses are already active, the Government is also opening new avenues for additional investment opportunities. In this regard, he stressed the importance of attracting foreign expertise and technology in sectors prioritized for national development.

The President further stated that through modern legal reforms, the Government is working to establish an open and competitive economy.

Referring to Google's submarine cable project as an example, President Muizzu said such investments demonstrate the level of confidence major international companies have in the Maldives.

He also stated that just as the Maldives seeks foreign investment opportunities, Maldivian businesses are equally interested in investing abroad. In this context, he said Sri Lanka remains a key destination and noted that both countries stand to benefit most from maintaining an investment environment that is open and accessible to both sides.

President Muizzu also invited Sri Lankan businesses and other foreign companies operating in Sri Lanka that participated in the forum to undertake sustainable investments in the Maldives.