Economic Minister Mohamed Saeed has stated that the new Foreign Investment Act, which was ratified today, will make it easier for foreign investors to invest in the Maldives and expand their businesses.

Speaking at a press conference at the President's Office today, Saeed said that President Muizzu's promises when he came to power included major changes in the structure of the economy. These include expanding businesses in the economic sector, making Maldives an easy place to do business, and making real estate a business.

Saeed said the President has instructed him, the Attorney General, and the relevant ministries and legal departments to facilitate these activities. The government aims to expand the role of foreign direct investment and bring about economic development, he added.

Saeed added that a country's affairs should be transparent and sure of what will happen when such a law comes. Therefore, the law passed today will include these issues, he said.

The President approved the new law today, which will come into force in three months. As the Foreign Investment Law Amendment Act, a new law was enacted as part of an effort to bring the law up to date as the current law has been in force since 1979.