Foreign-owned firms banned from event management and entertainment
Foreign investments will no longer be authorised in event management, renting of audiovisual equipment, and sale or renting of musical instruments.
13 Jun 2018, 9:00 AM
Foreign-owned businesses have been banned from operating in event management, entertainment and production.
The economic development ministry announced Tuesday that foreign investments will no longer be permitted in event management, renting of audiovisual equipment, sale or renting of musical instruments and related services.
Foreign investments will be restricted to partnerships with at least a 51 percent stake owned by Maldivians. Existing foreign-owned businesses were instructed to cease operations.
In a purported bid to boost youth employment, the government previously banned foreigners from selling mobile phones and accessories, providing photography-related services, and operating souvenir shops and customs bonded warehouses.
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