Preliminary debate began yesterday on a bill proposed by the government to abolish the Foreign Investment Act of 1979, as part of its economic reform package.
At yesterday’s sitting of parliament, opposition MPs severely criticised the legislation, arguing that abolishing the Act would facilitate corruption and “bankrupt” local businesses.
Presenting the bill, MP Alhan Fahmy of the ruling Maldivian Democratic Party (MDP) said that the purpose of the bill was to open the country to unhindered investment by foreign businesses.
Kelaa MP Dr Abdulla Mausoom of the Dhivehi Rayyithunge Party (DRP) however accused the government of trying to turn the Maldives into the “money-laundering machine of the world” by removing restrictions to foreign investments.
Mausoom said that the Foreign Investment Act had been used to protect local industries and encourage joint ventures with Maldivians in the tourism industry, adding that bringing amendments to the 1979 law would be better than abolishing it.
Other opposition MPs speculated that the bill was part of an agenda to “sell off state assets” and undermine national interests and sovereignty.
While MDP MPs did not speak in the debate in the interest of expediting the legislative process, shouting matches broke out in the chamber sporadically and disrupted the debate.
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