President Muizzu Invites Sustainable Investment to Build Competitive Economy by 2040

President Mohamed Muizzu has announced that the Maldives is actively opening its economy to sustainable foreign investment as part of a strategic push to become a developed nation by 2040. Speaking at the inauguration of the Maldives–Sri Lanka Business Forum in Sri Lanka, the President outlined a vision for a more competitive, transparent, and investor-friendly economic landscape. Central to this transformation is a series of sweeping legal reforms designed to modernize the country's business environment. Most notably, the government has overhauled the Foreign Investment Law—a piece of legislation that had remained largely unchanged for 40 years. These updates aim to provide greater clarity for international investors while simultaneously implementing measures to protect established local enterprises. President Muizzu emphasized that the government's development roadmap rests on three primary pillars: human capital development, technological advancement, and environmental sustainability. By prioritizing these areas, the administration seeks to attract foreign expertise and cutting-edge technology into sectors critical to national growth. As the Maldives and Sri Lanka approach 60 years of diplomatic relations, the President highlighted the deep economic ties and strategic collaboration between the two neighbors. He noted that a robust bilateral investment environment would provide mutual benefits, encouraging Sri Lankan firms and international companies based in Sri Lanka to explore opportunities within the archipelago. To illustrate growing global confidence in the Maldivian economy, the President cited the "Dhivara" project by Google as a prime example of major corporations trusting the local investment climate. He further observed a growing trend of Maldivian businesses seeking to diversify by investing in overseas markets. The President concluded by reaffirming that the modernization of laws and the strengthening of state institutions are creating a transparent ecosystem where investors can operate with confidence. He urged the business community to partner with the Maldives in achieving its long-term developmental goals through sustainable and innovative ventures.