Maldives Reserves Wholesale, Retail and Aviation Sales Sectors Exclusively for Locals

The Ministry of Economic Development, Transport and Trade has announced that business operations in the wholesale, retail, and aviation sales sectors will be restricted exclusively to Maldivian citizens, effective October 8. Under new legislative amendments and Foreign Investment Entry Regulations, foreign entities currently operating in wholesale and retail trade must cease their activities. The restrictions also extend to foreign providers of Cargo Sales Agent (CSA), General Sales Agent (GSA), and Passenger Sales Agent (PSA) services, which must now be operated by 100 percent Maldivian-owned companies. The policy, first introduced in October last year, aims to empower domestic entrepreneurs and unlock growth opportunities within the nation's critical tourism and aviation industries. By reserving these specific sectors for locals, the government intends to increase the retention of foreign currency within the domestic economy and improve the country's overall financial stability. As part of the transition, the Ministry has identified eight foreign companies that have yet to respond to compliance procedures. These entities have been urged to contact Invest Maldives immediately to navigate the transitional phase and ensure they adhere to the new regulations before the fast-approaching deadline. Government officials expect that prioritizing Maldivian ownership in these designated business activities and job categories will provide a significant boost to local enterprise. This move is viewed as a strategic step toward strengthening the national economy by reducing reliance on foreign entities for core commercial and logistical services.