Maldives bans foreign investments in event management, entertainment

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Male, June 14 (IANS) The Maldives government on Thursday said that foreigners could no longer invest in event management, entertainment and production in the island country in order to boost local employment.

The country’s Economic Development Ministry said that foreign investments will no longer be permitted in event management, renting of audiovisual equipment, sale or renting of musical instruments and related services, Xinhua news agency reported.

Foreign investments will be restricted to partnerships with at least a 51 per cent stake owned by Maldivians. Existing foreign-owned businesses were also instructed to cease operations, the ministry said.

The government recently banned foreigners from selling mobile phones and accessories, providing photography-related services and operating souvenir shops and customs bonded warehouses.

A ban on employing foreign cashiers in restaurants, cafes and shops was also put into effect. The World Bank recently said that nearly a quarter of Maldivian youth remain unemployed.

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–IANS

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