Government inviting foreigners to usurp Maldivian businesses, claims MP Muttalib
02 Aug 2011, 4:22 PM
A business registration bill proposed by the government as part of its economic reform package is “a deceptive ploy” to “open up the country to foreigners”, warns MP Ibrahim Muttalib.
During today’s parliamentary debate, the Jumhooree Party (JP) MP argued that provisions in the legislation allowing foreign businesses to establish branches in the Maldives and requiring at least US$1 million as capital “proves that this bill was drafted to allow foreigners to easily do business in the Maldives.”
“Under this law, a person with US$1 million would be able to easily register a business in this country,” he explained. “Considering the state of the Maldivian people, there won’t be any businessman who has US$1 million at hand. [Foreign businesses] will be able to conduct wholesale business and sell day-to-day necessities.”
Muttalib added that local businesses that trade in footwear and garments “would not have US$1 million, except for a very few people.”
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