The cabinet has decided to extend the duration for development of tourist resorts, tourist hotels, training resorts, transit hotels, and city hotels, for an additional 13 months.
According to the President’s Office, the extension will only be granted to the parties who have requested for it and provided that they have completed 50 percent of the work on those facilities.
The decision was made on Sunday following discussions on a paper submitted by the Ministry of Tourism, Arts and Culture.
Islands and facilities leased for development since 2000 will be eligible for the extension.
Discussions were also made on a paper presented by the Ministry of Economic Development, on amending the Foreign Investment Act.
Members made the decision, for the Ministry of Economic Development to carry out the amendment procedure for the Act currently being implemented in the Maldives. The cabinet also advised the President on constituting a Foreign Investment Advisory Board, to develop and strengthen further foreign investment in the country.
The cabinet also decided on forming a National Council for Environment.
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