Malé, Maldives – The amendment to allow 100% foreign companies to operate Maldivian airports in the FDI Policy has been further detailed and gazetted.
The most recent amendment for FDI Policy, gazetted and released yesterday, stated that companies with 100% shares can operate all airport services in Maldives excluding the services under the government, custom and immigration services, air traffic control and aviation security.
The first amendment gazetted for the FDI Policy from the Economic Ministry stated that all air transport services, except freight services can be invested by companies that have 100% foreign shares. Along with this, the Policy stated that companies with 100% foreign shares can operate airports, (including the terminal facility) and invest in air traffic control work and ground services as well.
However, several people criticized the FDI Policy and expressed concern over allowing companies with 100% foreign shares to operate the air traffic control and ground services of the airports of Maldives.
Speaking at the press conference held to respond to the concerns of the citizens, Economic Minister, Fayyaz Ismail said that the services from the government related to air transportation will not be given to any foreign countries. They are immigration, customs service and traffic control work.
As the statement in the amendment for FDI Policy invited doubt, Minister Fayyaz stated that it would be amended to avoid confusion.
Minister Fayyaz earlier stated that the incumbent government of Maldives has no plans to privatize the airports of Maldives. However, as investors have been demanding to get 100% shares while the country is looking for investors for the new airports that are being built in Maldives, Minister Fayyaz stated that they decided to change the share rate in the FDI Policy to as how it was before.