A bill has been submitted to the Parliament to further large scale investments for the nation.
MP Nihan stated that the bill was put forward to usher in large scale foreign investments, usher in new development and create a bigger job market. The motion calls to transfer ownership to those investors who spend over US$ 1 billion as investments.
The motion put forward by PPM calls to amend clause 251 and add eight items as sub-clause 15 to clause 301. The motion states that investors will be given the land that they have reclaimed as part of an incentive package. The bill adds that the investor has to reclaim 70 percent of the land they are investing in.
The bill also adds that even though land ownership has been transferred, this does not affect the sovereignty and independence of the nation. As such, the land is still part of the nation.
In the event the Government wished to revoke the leased land, the Government has to offer compensation as decreed by the Courts.
Maldives cleared for large scale investments
