Minister of Fisheries and Agriculture, Dr. Mohamed Shainee has said that Maldives is keen on Indian Investment in ports and airports.
Maldives has sought investments from Indian Ocean Region countries including India, in areas such as airports, ports and maritime projects with a view to increase economic cooperation.
According to a report published in “The Financial Express”, a business newspaper, Dr. Shainee said that Maldives has a proud track record of welcoming FDI’s, particularly from India. According to the report, Dr. Shainee further said that Indian investments played a pivotal role in the phenomenal economic growth of the Maldives over the last three decades.
Seeking investments, he said many “large and ambitious” infrastructure projects are being developed or are in the pipeline which requires “financing that can be mobilized only externally.”
These are huge maritime projects that will enhance the Maldives’ ability to contribute effectively in maintaining stability in the Indian Ocean Region, he said.
Minister Shainee emphasized that it is only through foreign investment that Maldives can achieve next level of economic development.
He further said that investors from neighboring countries, from far corners of the world, come to the Maldives as the return on investment is high, investment recovery period is short and that there is predictability and certainty on investment.
Minister Shainee stated that the partnerships are not only with the investors, indeed it is the government-to-government level partnerships that has facilitated the reach out to the private sector. The Minister added that the bilateral partnerships with regional countries have helped the country to share a common perspective on the Indian Ocean Region.
Besides India, he said, Maldives also has significant investments from Sri Lanka, Saudi Arabia, United Kingdom, United States, and increasingly from China.
According to Minister Shainee, what is certain is that economic growth led by private investment in maritime infrastructure is the most important way that Maldives will be transformed.
Stating that Maldives has significant stakes in the Indian Ocean Region, Dr. Shainee said that an economically weak Maldives will be politically vulnerable, and that it is not good for the security and stability of Indian Ocean.
He added, peace and security in the Indian Ocean Region is necessary for the economic development of the Maldives.