Business should not feel threatened by economic liberalisation: MACI President
08 Jun 2011, 4:32 PM
Neil Merrett
Maldivian businesses should not feel threatened by a shift towards a liberalised economy despite the significant changes to tax and regulation, the chair of an economic forum between industry and cabinet heads held this week in Male’ has said.
Mohamed Ali Janah, President of the Maldives Association of Construction Industry (MACI) and a business owner himself, claimed that government-proposed economic reforms were no different changes that had already occurred across the western world and parts of South Asia.
While welcoming liberalisation in general, the MACI president said he believed that industry would still likely require more time to adapt to the transitions such as a minimum wage and greater taxation on goods and services.
“We are in something of a transition period right now, but what we want businessmen to understand is that they should not feel threatened [by these changes],” he said. “We are being pushed towards a more liberal economic system where we will need more accountability and transparency.”
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