The Economic Ministry has dissolved 28 foreign companies registered to operate in business sectors reserved for Maldivians.

The companies were dissolved under the powers granted to the Registrar of Companies after the introduction of the Foreign Investment Entry Requirements last year.

The ministry said existing foreign investors affected by the new restrictions will be given time to either exit the reserved sectors or move to areas where foreign investment is permitted.

The new rules prioritise Maldivian businesses in sectors including wholesale and retail trade, logistics, public sea transport and banking. Construction projects worth less than USD15 million and real estate projects below USD100 million are also reserved for Maldivian businesses.

The ministry said the measures are aimed at prioritising Maldivian skills and capabilities while allowing foreign investment in sectors requiring international expertise and larger investments.

Foreign investment in some restricted sectors is permitted through joint ventures with Maldivian partners.