The changes to the Foreign Direct Investment Policy that allows 100 percent foreign-owned corporations to run Maldivian airports has been specified and published in the gazette.
According to the most recent adjustment to the FDI Policy, issued on Tuesday, companies with 100 percent foreign ownership can manage all airport services in the Maldives, apart from services provided by the government such as customs and immigration, air traffic control, and aviation security.
The previous amendments to FDI Policy stated that 100 percent foreign-owned companies can invest and operate air transportation services, except freight services, with a minimum initial investment of USD 5 million over a five-year period. These foreign businesses can also provide ground services, air traffic control services, and airport operations, including terminal facility services.
Several people opposed the FDI Policy and expressed worry about allowing companies with 100 percent foreign ownership to run Maldives airport air traffic control and ground services.
Following that, Economic Minister Fayyaz Ismail stated that the government’s air transportation services, including immigration, customs, and air traffic control, will not be made available to any foreign countries.