Malé, Maldives – Economic Minister of Maldives, Fayyaz Ismail has stated that the main reason for the new law that allows the councils to establish businesses in their own name is to further improve and develop the economies of all constituencies.
While speaking at the “Rahvehi Fathis” campaign event of the ruling MDP party, Minister Fayyaz stated that the power given to the Councils to establish businesses will open chances for the halted high risk businesses in the constituency to restart their businesses again.
Noting that everything can be achieved by conducting economic activities related to it, Minister Fayyaz stated that the new law was established after considering the Decentralization system well.
Minister Fayyaz assured that the small businesses will especially gain a lot of benefits from the new law; ‘Law for Establishing Council Local Authority Businesses and Partnering With Private Business,’ gazetted by the Economic Ministry.
With this change, the Council gets to provide basic services through entrepreneurship and the Council will become the one to take risks in the economy. In the near future, the islands will benefit from this.Minister Fayyaz stated.
The law made by the Economic Ministry on Sunday states that the Councils can have up to 20% shares in private businesses. This law allows Councils to proceed with businesses to fulfill their own economic needs.
The Ministry announced that if any council wishes to establish their own business, then they may register to the Local Authority Company within the upcoming nine days.