Foreign investors need “one-stop shop” to navigate Maldives bureaucracy: MNCCI

Ahmed Adheeb, an MNCCI member and Chief Operating Officer of the Millennium Capital Management (MCM) investment group, said he believed the country was failing to follow in the footsteps of markets like Sri Lanka by establishing a board of investment to help foreign companies navigate the complexities of local business culture.

“In order for the Maldives to build investor confidence I believe that firstly we need a board of investment like they have in Sri Lanka,” he said. “The Maldives has many different ministries that must be navigated to get licenses [to operate businesses]. We need a one-stop shop [for foreign business] if we are to bring international investors into different areas.”

Adheeb’s comments were made after members of the MNCCI recently met with their Pakistani counterparts in Male’ to discuss business and investment opportunities across the Maldives. Although no specific areas of interest for local investment were raised as yet during the meetings, Adheeb claimed that recommendations were made regarding potential opportunities for putting money into smaller and medium size tourism developments like guesthouses and safari boats.