The Maldivian Parliament has approved seven significant amendments after thorough review. These include changes to the Foreign Investment Bill, Business Registration Act, Maldives Securities Act, Health Service Provision Act, Legal Profession Act, Urban Planning and Development Bill, and the Decentralisation Act.
The Urban Planning and Development Bill and the amendment to the Decentralisation Act were passed without opposition, while the other five bills received unanimous approval from all 77 parliamentarians.
The amendment to the Foreign Investment Bill represents a transformative update to the 45-year-old law governing foreign investments in the Maldives. The government's proposal seeks to clearly define the rules for determining areas open to foreign investment and establish regulations to protect and secure foreign investors and their investments. Parliamentarians are hopeful that this amendment will significantly boost foreign investments in the Maldives.
In conclusion, Deputy Speaker Ahmed Nazim announced that 82% of the parliamentary work for this tenure has been completed.