Yameen Criticises Lack of Conducive Environment for Investment Growth in the Maldives
Former President Abdulla Yameen has criticised the current investment climate in the Maldives, claiming it is not conducive to fostering growth for entrepreneurs and foreign investors.
He made these remarks last evening at a rally of the People’s National Front (PNF), the political party he founded after leaving the People’s Progressive Party (PPM).
Speaking at the event, Yameen reflected on President Dr Mohamed Muizzu’s earlier promises to enhance investor confidence in the Maldives. He stated that genuine progress in this area would mean investors are encouraged to reinvest their profits within the country, expanding their portfolios through larger-scale initiatives.
“For smaller nations, financial wealth alone is insufficient for sustained growth and progress,” Yameen said. He underscored the importance of creating an environment that attracts and retains foreign investment, suggesting this would drive economic development and create benefits for the Maldivian population.
Yameen expressed concerns about the nation’s current standing, particularly as President Muizzu’s administration approaches its one-year mark. He questioned whether the government had made any tangible progress in fostering investor confidence, arguing that the current situation shows otherwise.
“Foreign investors are only drawn to countries that offer a conducive environment for investment, which ultimately benefits local citizens through economic opportunities such as job creation. Unfortunately, the opposite is happening now,” he claimed.
Yameen pointed to several businesses that have ceased operations as evidence of declining investor confidence. He stated that without guarantees of growth and returns, investors hesitate to commit to the Maldives.
He also highlighted the role of government assurances in boosting investor confidence. “The government’s support is essential to attract foreign investors, whether in the tourism industry, air taxi services, or other large-scale sectors,” he said.
Yameen further criticised the previous administration of President Ibrahim Mohamed Solih, stating that no significant investments were made during his five-year term or in the last 14 months. He contrasted this with earlier periods when the Maldives reportedly saw an average of 10 new resorts opening annually, attributing this growth to stronger investor confidence at the time.