Government withdraws amendment to abolish Foreign Investment Act
18 Oct 2011, 3:50 PM
The government today withdrew at the preliminary stage a bill to abolish the Foreign Investment Act of 1979, one of 18 pieces of legislation proposed under its economic reform package currently before parliament.
Presenting the draft legislation in August, MP Alhan Fahmy of the ruling Maldivian Democratic Party (MDP) said the purpose of the bill was to remove restrictions and open the country to unhindered investment by foreign companies.
Alhan announced today that the ruling party decided to pull out the bill in light of parliament rejecting the proposed company law last week.
“It is not that our thinking and economic policy has changed at all,” he said, adding that all components of the reform package was necessary to achieve the government’s objectives.
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