Male’, Maldives – Ministry of Economic Development on Sunday revealed that Foreign Direct Investment (FDI) Policy was ammended, allowing 100 percent foreign-owned companies to operate and manage airports in Maldives.
This was the first amendment to the FDI Policy, Annex I, Class Code H3, and has now been published on the gazette.
With the changes, companies with 100 percent foreign ownerships can conduct the following air transport services:
- Operate and manage airports (including terminal facilities such as airway terminal)
- Airport and air-traffic control activities
- Ground service activities and airfields
However, this freight services are not included in this.
Companies are required to invest a minimum amount of USD five million and the maximum duration of the Foreign Investment Agreement is 50 years.
Prior to the changes, policy dictated that companies with foreign ownership up to 75 percent were allowed to operate air transport services, under a five-year operating period and with an investment of USD five million.
The amendment will come into effect from the date of publication in the government gazette.
