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RUEATRS/DEPT OF TREASURY WASHDC
RUEHNE/AMEMBASSY NEW DELHI 2755
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RUEHLMC/MILLENNIUM CHALLENGE CORP

UNCLAS SECTION 01 OF 07 COLOMBO 000273 
 
SIPDIS 
 
STATE FOR EB/IFD/OIA AND SCA/INS 
 
STATE PLEASE PASS USTR 
 
E.O 12958: N/A 
TAGS: KTDB OPIC ECON USTR EINV EFIN ETRD ELAB PGOV MV
SUBJECT: INVESTMENT CLIMATE STATEMENT, 2009 - MALDIVES 
 
REF: 
 
¶1.  Per reftel, below is the investment climate statement for 
Maldives for 2009. 
 
INVESTMENT CLIMATE STATEMENT-MALDIVES 
 
JANUARY 2009 
 
Investment Climate 
 
--Introduction 
 
Maldives is comprised of over 1,190 islands, of which 198 are 
inhabited and 95 are exclusive resort islands.  The population is 
approximately 300,000, 103,000 of which live on the capital island 
of Male'.  There are an additional, on average, 80,000 expatriate 
workers.  More than 680,000 tourists arrive annually.  In 2008 GDP 
totaled around $1.2 billion, or about $3,900 per capita (far 
exceeding the average of about $700 in the rest of South Asia). 
Throughout the past decade, real GDP growth averaged around 6% per 
year except for 2005, when GDP declined following the Indian Ocean 
tsunami.  GDP growth was 5.7% in 2008. Economic growth has been 
powered mainly by tourism and its spin-offs in the transportation, 
communication, and construction sector.  Fishing remains an 
important part of the economy as well.  While income disparity 
remains high, particularly between the capital and distant islands, 
Maldives' growth has yielded considerable social progress.  The net 
enrollment in primary education is close to 100%.  Literacy rates 
are about 98%.  Infant and maternal mortality are declining rapidly. 
 
 
The Indian Ocean tsunami in December 2004 devastated many islands, 
with damage estimated at $450 million.  The Maldivian economy made a 
remarkable recovery, with a rebound in tourism, the development of 
new resorts, and post-tsunami reconstruction helping the economy in 
the ensuing years.  Nevertheless, recent growth, while significant, 
has come at the cost of extremely high budget deficits and mounting 
external debt.  Since 2004, government spending has increased 
rapidly.  According to preliminary information, government 
expenditure rose to an unprecedented 70% of GDP in 2008. 
Consequently, the budget deficit expanded to 10% of GDP.  The IMF 
and other international donor agencies have urged the government to 
return to fiscal prudence quickly to ensure economic stability. 
 
2008 was a year of significant change in Maldives.  The country 
launched a new constitution and a series of new laws, including the 
first comprehensive employment act.  On October 8, 2008, Maldives 
held its first multi-party Presidential election.  The new 
President, Mohamed Nasheed, has vowed to put the country's economic 
and fiscal matters in order.  He has also pledged to establish a 
transportation network linking the islands of the country, bring 
down the cost of living, provide affordable housing and healthcare, 
and eliminate illegal narcotics. 
 
It will take some time for the new government to settle in.  There 
are still significant gaps in the necessary legislation to implement 
the reforms embodied in the new constitution.  Parliamentary 
elections due by mid-February 2009 under a constitutional deadline 
have been delayed until May. 
 
The government is expected to revise its 2009 budget -- passed in 
late 2008 -- early in the year in an effort to reign in fiscal 
control.  The government is actively promoting foreign investment. 
Meanwhile, the global economic crisis is likely to dampen economic 
prospects for 2009.  Tourism and fisheries, key economic sectors, 
are challenged by the global recession. 
 
The Maldives Monetary Authority (Central Bank) expects GDP growth 
around 4.5% in 2009.  Maldives' trade deficit has expanded sharply 
in recent years as a result of high import prices for oil and 
construction materials.  In 2008, the trade deficit reached an 
estimated $900 million.  The deficit was partially offset by tourism 
and government borrowing.  The current account deficit was $637 
million.  The balance of payments recorded a deficit of about $72 
million in 2008.  Total external reserves stood at $241 million in 
December 2008 (2.1 months of imports).  External debt and debt 
 
COLOMBO 00000273  002 OF 007 
 
 
service have risen rapidly in recent years.  Total external public 
debt was $477 million in 2008 and is likely to surpass $750 million 
in 2009.  A foreign exchange shortage affecting businesses was 
reported as of March 2009. 
 
Maldives is ranked 69 out of 181 countries in the World Bank's 
(www.worldbank.org) Ease of Doing Business 2009 Index, ahead of its 
South Asian neighbors.  The index investigates regulations that 
enhance or constrain business activity.  Within the index, Maldives 
ranked first in terms of paying taxes (Maldives has no income or 
sales tax), fourth in employing workers, and eighth in dealing with 
construction licenses.  But in terms of registering property, 
getting credit, and closing a business, the country ranked lower, at 
177, 145, and 123, respectively.  Other rankings were as follows: 
starting a business 38, protecting investors 70, trading across 
borders 121, and enforcing contracts 90. 
 
Maldives is seeking to postpone its "graduation" " from Least 
Developed Country (LDC) status, currently scheduled for 2011.  The 
graduation would reduce the country's ability to access 
concessionary trade and finance programs, and poses the threat of 
demise of the fish export industry and the curtailment of foreign 
aid. 
 
Tourism will likely remain the engine of the economy.  As many as 
forty new resorts could open in the next few years, with at least 
two planned openings in 2009. 
 
In 2007, the government presented the Seventh National Development 
Plan, which will guide development from 2006-2010.  The plan 
outlines Maldives' goals to further improve tourism, develop 
infrastructure, improve social protection and modernize education to 
achieve development goals.  In 2008 Maldives plans to adopt a 
regional development policy to improve atoll infrastructure and 
services, and to consolidate populations to a few large population 
centers. 
 
The United Nations Development Program (UNDP) (www.mv.undp.org), the 
World Bank (www.worldbank.org), and other multilateral and bilateral 
donors are active in Maldives.  They support government efforts to 
improve education, health and nutrition, housing and social 
protection, basic infrastructure, create employment opportunities, 
environmental protection and improved governance.  The United States 
has friendly relations with Maldives. 
 
--Openness to Foreign Investment 
 
Foreign investment in Maldives is governed by Law 25/79, which 
provides for an agreement between the government and an investor. 
The Law of Contract governs contractual relationships and a separate 
law (No. 4/79) governs business and trading activities by foreign 
nationals.  Investment agreements are for an initial period of 5 to 
10 years for investments less than $1 million, and can be renewed 
thereafter.  For larger projects, terms are negotiable. 
 
Maldives began opening up to foreign investment in the late 1980s. 
Foreign investments in Maldives have primarily involved resort 
management, but also include telecommunications, accounting, 
banking, insurance, air transport, courier services, and some 
manufacturing.  Invest Maldives Division (www.investmaldives.org) 
and the Licensing and Regulations Division within the Ministry of 
Economic Development are tasked with promoting and regulating 
foreign investments respectively, with the notable exception of the 
tourism sector.  The Ministry of Economic Development reviews all 
proposed investments prior to granting licenses.  The Ministry of 
Economic Development offers "one-stop shop" services to investors 
and incentives including import duty concessions, 100% foreign 
ownership, no restrictions on repatriation of earnings or profits, 
and no foreign exchange restrictions.  Foreign investments are 
required to pay annual royalty fees to the government.  The royalty 
fee is 3% of gross income or 15 percent of profits, whichever is 
greater, for majority foreign-owned companies.  For others, the 
royalty is 1.5 percent of income or 7.5 percent of profits, 
whichever is greater.  At present, personal income taxes are not 
imposed.  Banks' profits are taxed and a corporate profit tax is 
under discussion.  International arbitration is available for 
dispute settlement.  Foreign investments within the tourism sector - 
 
COLOMBO 00000273  003 OF 007 
 
 
such as resorts - are registered with the Ministry of Tourism, Arts 
and Culture. 
 
The Ministry of Economic Development approves joint ventures in the 
following sectors within ten working days of submitting required 
documentation:  financial consultancy, auditing, insurance, water 
sports, commercial diving, domestic air transport, airline catering, 
game fishing, technical support services, apparel manufacturing, 
water bottling, cement, agencies, spa operators, water purification, 
boat building, software development, ferry services, finance 
leasing, fish processing, traditional medicine, underwater 
photography, ice making, restaurants, valuation, flying schools and 
IT services.  Proposals for joint ventures in other sectors and 
investments fully owned by foreigners are approved within 30 days. 
 
The government hopes to privatize airports and harbors and develop 
basic services such as water, sewerage systems, harbors, roads and 
power utilities through public private partnerships. 
 
The Ministry of Economic Development is looking for local and 
foreign investors in media and broadcasting, entertainment industry, 
utilities, infrastructure, health care facilities, hospital 
management, regional airport management, and the development of 
residential infrastructure (vacation homes). 
 
The Ministry of Economic Development encourages investment projects 
which: (1) are capital intensive; (2) enhance technology transfer; 
(3) introduce new skills and offer training to local employees; and, 
(4) are environmentally friendly. 
 
The following industries offer good potential for foreign 
investors: 
 
Tourism: Opportunities exist in the entire range of services, 
including development and management of resorts, tourist activities, 
and land and sea transportation. 
 
Value-Added Fisheries:  Fish processing is open to foreign 
investment, particularly for new technology and capital investment. 
 
 
Financial, banking, accounting, and management consulting:  The FISB 
is interested in bringing in more global banks.  (Only HSBC is 
currently present).  The lack of adequate banking laws has deterred 
entry, however. 
 
Transportation and Shipping:  Development of air and sea transport 
including inter-atoll transport services, bunkering, transshipment, 
and passenger cruises.   Male' International Airport is the main 
gateway to Maldives.  In December 2007, the airport in Gan Island in 
the south was upgraded to accommodate international flights.  Of the 
198 inhabited islands in the Maldives, 105 have harbors.  Other key 
priorities in the transport sector are the expansion of the Male' 
Airport and the Male' Commercial Harbor, the development of a 
transshipment port, a bridge connecting the capital city Male' with 
the airport island Hulhumale, and a new commercial port in the Male' 
region. 
 
Population Consolidation:  The government is planning two major 
development plans in the area of population consolidation.  The 
first is a consolidation of the services and infrastructure of 20 
atolls around five regional centers.  The second is a project to 
alleviate overcrowding in Male' by developing nearby Hulhumale 
Island, where Male's international airort is located. 
 
Telecommunications and information technology also offer potential 
opportunities. 
 
Power:  Currently, virtually all electricity is provided by diesel 
generators.  Tourist resorts consume about 60 percent of electricity 
used in the Maldives.  There is scope to provide renewable sources 
such as solar, wind and biomass for energy needs; pilot projects in 
these areas are underway on some islands. 
 
Retail trading is closed to foreign investment.  The production of 
any items that are illegal to import into Maldives is prohibited. 
 
 
COLOMBO 00000273  004 OF 007 
 
 
 
--Conversion and Transfer Policies 
 
There are no exchange controls or restrictions on currency 
movements.  Repatriation of funds and profits is allowed after local 
debts are settled. 
 
Major international currencies can be bought and sold at banks and 
authorized moneychangers.  Hotels and banks accept major credit 
cards and travelers checks.  Foreign currency accounts are available 
through banks.  The US dollar is the most widely used foreign 
currency and is accepted by small shops and taxi drivers in Male'. 
 
 
The official exchange rate is set at 12.8 Rufiyaa to the dollar. 
This rate has remained unchanged since 2001.  The Maldivian currency 
is non-convertible and its true value cannot be determined.  The 
government has noted that it will need to review the exchange rate 
policy in the next few years in order to promote export 
diversification.  The heavy dependence on imports is a constraint 
for exchange rate management, although tourism receipts help 
maintain hard currency liquidity.  A foreign exchange shortage 
affecting businesses was reported as of March 2009. 
Large fiscal deficits financed by the Maldives Monetary Authority 
(www.mma.gov.mv) pose a potential threat to the fixed exchange rate 
system. 
 
Foreign reserves at the end of December 2008 were $241 million, down 
from $309 million in 2007, and were sufficient to finance 2.1 months 
of imports. 
 
The government has taken initial action to introduce a new public 
accounting system.  A new Public Finance Law, an Audit Law and a 
Civil Service Law came into force in 2006-2007.  Legislation on 
Anti-Money Laundering and Combating Terrorist Financing has been 
drafted. 
 
--Expropriation and Compensation 
 
According to the Law on Foreign Investment (25/79) the government 
may, with or without notice, suspend an investment, either where the 
investor indulges in an act detrimental to the security of the 
country or where temporary closure is necessary for national 
security.  If, after due investigation, it cannot be concluded 
within 60 days of the temporary closure that the foreign investor 
had indulged in an activity detrimental to the security of Maldives, 
then the government will pay compensation.  Capital belonging to an 
investment that is closed for the above reasons may be taken out of 
the country in a mutually agreed manner.  There appears to be little 
risk of expropriation in the near future. 
 
--Dispute Settlement 
 
The sources of law in Maldives are its constitution, Islamic Sharia 
law, regulations, Presidential decrees, international law, and 
English common law, with the latter being more influential in 
commercial matters.  The Judicial Services Commission (JSC) is 
responsible for nominating, dismissing, and examining the conduct of 
all judges. 
 
A Supreme Court was established for the first time in 2008 under the 
new Maldives Constitution.  The Supreme Court is the highest 
judicial authority in Maldives.  In addition to the Supreme Court, 
there are four courts in Male':  a high court, civil court, criminal 
court, and a family and juvenile court.  There are approximately 200 
magistrate courts, one in each inhabited island.  The Supreme Court 
serves as court of appeal.  There are no jury trials.  Though legal 
procedures are adequate, the judicial process is slow. 
 
Pursuant to the new constitution, a prosecutor general was appointed 
in September 2008.  The prosecutor general is tasked with the 
prosecution of criminal offences.  The Attorney General acts as the 
legal advisor to the government and represents the government in all 
courts except on criminal proceedings represented by the prosecutor 
general. 
 
The law on foreign investments guarantees the security of 
 
COLOMBO 00000273  005 OF 007 
 
 
investments.  Maldives has no laws pertaining to arbitration. 
Disputes involving investments below $1 million can be referred to 
the courts in Maldives.  Disputes over $1 million can be referred 
for international arbitration. 
 
Recognizing that the existing legal and commercial framework is 
underdeveloped and not always fully transparent or predictable, the 
government is promoting administrative reforms and formulating 
regulations dealing with labor, the environment and industry.  In 
recent years, the People's Majlis (parliament) has enacted a number 
of commercial laws, including the Law of Contract, the Negotiable 
Instruments of Law, and the Companies Act.  Maldives is not a member 
of the International Center for the Settlement of Investment 
Disputes (ICSID). 
 
--Right to Private Ownership and Establishment 
 
There is little private ownership of land.  Land reform currently 
under consideration may result in more trade and private ownership 
of property.  Foreign investors are not allowed to own land, but are 
granted lease rights ranging up to 25 years, which can be later 
extended to 35 years for investments over $10 million, or 50 years 
if 50% of the company's shares are floated on the Maldives stock 
market.  Leases can be renewed at the end of their terms, but the 
formula for assessing compensation value of a resort at the end of a 
lease has not yet been developed.  The government is looking at the 
possibility of extending the initial lease period from 25 years to 
99 years. 
 
--Protection of Property Rights 
 
Currently, Maldives lacks specific legislation to protect 
intellectual property rights (IPR) and has not signed any related 
international agreements or conventions.  An IPR law is awaiting 
parliamentary approval.  Maldives recently established an IPR unit 
within the Ministry of Economic Development.  Maldives benefits from 
the World Trade Organization (WTO) decision to extend the transition 
period for least-developed countries (LDC) to provide protection for 
intellectual property under the Trade-Related Aspects of 
Intellectual Property Rights (TRIPS) agreement until July 1, 2013. 
 
--Efficient Capital Markets and Portfolio Investment 
 
The financial sector in Maldives is narrow and dominated by the 
banking sector.  The banking sector consists of one publicly owned 
commercial bank -- the Bank of Maldives -- and branches of four 
foreign-owned commercial banks.  HSBC, the only global bank present, 
set up operations in 2002.  Non-bank financial institutions in the 
country consist of two insurance companies, a pension fund, and a 
finance leasing company.  All financial institutions currently 
operate under the supervision of the Maldives Monetary Authority, 
which acts as the central bank.  The Maldives Monetary Authority Act 
was amended in 2007 to ensure independence of the Authority. 
 
Local sources of finance are limited in scope because of the small 
size of the capital market and the lack of instruments that are 
available in more developed nations.  The government commenced 
treasury bill auctions in 2006. Other types of financial instruments 
are not offered to the public.  The commercial banks provide short- 
and long-term credit to the private sector.  No specialized 
financial institution exists to meet the investment needs of 
tourism, agriculture and fisheries.  Non-performing loans fell to 
2.4% of total loans in 2006 from about 6.7% in 2005 due to a 
recovery in tourism and to improved banking supervision. Most 
foreign currency loans are made to foreign currency-earning tourist 
enterprises.  Banking supervision has recently been upgraded, moving 
toward international best practices. 
 
A small Securities Trading Floor (STF) opened in Male' in 2002 and 
was licensed as a private stock exchange in 2008.  In 2006, the 
government took several steps to enhance the capital market.  The 
legislature passed a Securities Act in January 2006 and the 
government created a Capital Market Development Authority (CMDA) to 
regulate the capital market.  The STF now functions under the CMDA. 
At present, the only investment opportunity available to the public 
is a limited number of shares in the Bank of Maldives and three 
other state-owned public companies.  A leasing company, Maldives 
 
COLOMBO 00000273  006 OF 007 
 
 
Finance Leasing Company (Pvt) Ltd (MFLC), was established in May 
2002 as a collaborative venture between five domestic public and 
private sector entities and two international parties including the 
World Bank's International Finance Corporation (IFC).  The MFLC aims 
to address the demand for long-term equipment financing from all 
sectors of the economy. 
 
The Housing Development Finance Corporation is a government company 
designed to provide housing loans with long repayment terms at 
favorable interest rates.  The company is also entrusted with 
drawing up the land use policy in Maldives. 
 
--Political Violence 
 
Maldives has a homogeneous society of one culture, one religion, and 
one language.  In 2008, Maldives held its first multi-party 
Presidential elections, following a multi-year effort for 
constitutional reforms.  President Nasheed took office in November 
2008, replacing a thirty-year incumbent.  The transition to a new 
government led by the former head of the opposition was peaceful. 
Political rallies in Maldives generally do not turn violent, as 
sometimes occurred under the previous regime. 
 
Religious extremism, involving espousal of fundamentalist views 
incompatible with Maldives' generally moderate Islamic practices, is 
a growing trend.  In September 2007, Maldives experienced its 
first-ever terrorist attack when a bomb exploded in the capital of 
Male', injuring twelve tourists, who appeared to be the target of 
the attack. 
 
--Corruption 
 
Corruption is a serious problem in Maldives, and the new government 
has vowed to fight it.  The World Bank's Control of Corruption Index 
for Maldives shows a steady decline in recent years from +0.06 in 
2003 to -0.15 in 2004, -0.32 in 2005, -0.51 in 2006 and -0.78 2007. 
Transparency International's Corruption Perception Index surveyed 
Maldives for the first time in its 2007 index and Maldives ranked 84 
with a score of 3.3 out of a possible 10.  In 2008, Maldives slipped 
31 places and ranked 115 out of 180 countries with a score of 2.8. 
 
The law on prevention and punishment of corruption (2002) defines 
bribery and improper pecuniary advantage and prescribes punishments. 
 The law also outlines procedures for the confiscation of property 
and funds obtained through commission of the included offenses.  An 
Anti-Corruption Commission was created in December 2008 following 
the passage of the Anti Corruption Commission Act.  The 
responsibilities of the Commission include inquiring into and 
investigating all allegations of corruption; to recommend further 
inquiries and investigations by other investigatory bodies; and to 
recommend prosecution of alleged offences to the Prosecutor General, 
where warranted.  The Anti-Corruption Commission is empowered to 
handle cases of corruption of members of parliament.  It cannot 
investigate corruption in the private sector. 
 
In March 2007, the Maldives acceded to the United Nations Conventon 
against Corruption. 
 
--OPIC and Other Invesment Insurance Programs 
 
Currently, the Overseas Private Investment Corporation (OPIC) does 
not oprate in Maldives.  Maldives is not a member of the 
Multilateral Investment Guarantee Agency of the World Bank Group. 
 
--Labor 
 
Skilled and unskilled labor is scarce, and expatriate labor is 
allowed in order to meet shortages.  There are an estimated 80,000 
expatriate workers, mostly in tourism, construction, and social and 
personal services.  Expatriate labor is equal to or more expensive 
than local labor.  Even when salaries are set lower, travel and 
other benefits typically make it more expensive overall to hire 
expatriates.  Since higher education options in Maldives are 
limited, young Maldivians from higher income families often travel 
abroad for education. 
 
The laws covering labor were overhauled in 2008 with the enactment 
 
COLOMBO 00000273  007 OF 007 
 
 
of the 2008 Maldives Constitution, the new Employment Act, and a 
subsequent amendment to the Employment Act.  The new constitution 
recognizes the workers' right to strike and establish trade unions, 
for the first time.  Maldives is hoping to enact a separate trade 
union law providing rules for formation of trade unions and 
collective bargaining. 
 
The Employment Act provides for the establishment of minimum wages, 
maximum hours of work, overtime, annual and sick leave, maternity 
leave and work place safety. 
 
The Employment Act created a 48-hour/week with a compulsory 24-hour 
break after six days of continuous work.  Resort workers may 
accumulate the weekly rest day.  Overtime is available.  Workers in 
tourist resorts may work additional two hours a day and paid at 
overtime rate.  Employees are usually authorized 30 days of annual 
leave, 30 days of medical leave, 65 days of maternity leave, and 10 
days of special annual leave to "attend important obligations." 
Either parent of a newborn child is entitled to one year's unpaid 
annual leave after the expiry of the maternity leave period. 
Employers are also required to provide a safe workplace.  The law 
provides for entering into of agreements between the employer and 
the employee which guarantees the rights specified in the law. 
 
Until recently, the government did not recognize the right to form 
unions or the right to strike.  Hence, labor actions and disputes 
were rare.  While no labor unions yet exist, collective bargaining 
involving employees' associations in the tourism sector began within 
days of the new constitution taking effect.  Labor disputes arose in 
some resorts when employees' associations presented demands for wage 
increases and improvements in the conditions of work and stopped 
work. 
 
Traditionally, wages in the private sector have been set by a 
contract between employers and employees and were based on rates for 
similar work in the public sector.  The new employment law 
established a Pay Advisory Board to advise the Minister of Human 
Resources, Youth and Employment on setting minimum wages in the 
private sector. 
 
The Employment Act granted workers the right to compensation if 
fired without cause.  The government has established a Labor 
Relations Authority to implement the new employment law.  The law 
requires the Ministry of Human Resources to issue specific rules for 
employment of foreign workers. 
 
The Employment Act does not cover emergency workers, air and sea 
crews, executive staff of any company and persons on on-call duty. 
 
In December 2008, following the enactment of the new Employment Act, 
Maldives became a member of the International Labor Organization. 
In 1995, the United States suspended Maldives' eligibility for 
tariff preferences under the US Generalized System of Preferences 
(GSP) because the Maldives did not have a mechanism to afford 
internationally recognized worker rights to Maldivian workers. 
 
--Foreign Direct Investment Statistics 
 
Foreign Investment: US firms represented in Maldives include Western 
Union, FedEx, UPS, Hewlett Packard (HP), Dell, Compaq, Coca-Cola, 
American Express, Hilton Resorts, Sheraton, SeaTec, Ernst and Young, 
PricewaterhouseCoopers, and KPMG. 
 
--Web Resources 
 
Foreign Investment Services Bureau: www.investmaldives.org 
International Monetary Fund:      www.imf.org 
World Bank:         www.worldbank.org 
Ministry of Planning and National Development: www.planning.gov.mv 
Maldives Monetary Authority:      www.mma.gov.mv 
Maldives Stock Market:         www.maldivesstockexchange.com.mv 
United Nations Development Program:   www.mv.undp.org