Minister of Economic Development Fayyaz Ismail has emphasized that recent changes to the Foreign Direct Investment (FDI) policy do not permit foreign businesses to provide air traffic control services in the Maldives.
According to the amendments announced on Sunday, 100 percent foreign-owned companies can now 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.
Many people have expressed worries over the amendments, prompting Economic Minister Fayyaz Ismail to tweet that the amendment does not include letting foreign companies to conduct air traffic control services, and that the wording would be changed and clarified.
The revisions came amid speculation that the Hanimaadhoo Airport will be run by a foreign corporation. The airport is being built with the assistance of Exim Bank of India.
Minister Fayyaz further stated that, while Hanimaadhoo International Airport will be financed with a loan from India’s Exim Bank, ownership, operation, and management of the airport will be handled by the government or a designated state-owned enterprise.