President Abdullah Yameen Abdul Qayyoom has stated that large scale investments from developed nations is required to maintain the independence of the nation.
He made the statement in connection to the second amendment to the Constitution which permits foreigners to own land in the country on a freehold basis provided that they reclaim 70 percent of the land and invest over US$ 1 billion.
President Yameen noted that the concept of freehold basis was not an innovation, but one that has been used in many developed nations successfully. He added that under this method, foreign investors will be better incentivized to invest in the country.
Vice President Ahmed Adeeb stated that with this method, the probability that companies such as Microsoft will invest will be higher. He also stated that the process will be rigorously controlled, allowing for only one or two major projects. Adeeb stated that the purposed of this project was to change the economic landscape of the nation.
Vice President Adeeb also assured that in spite of this project, the independence of the Indian Ocean region will not be impacted.
Investment from developed nation essential to nation’s independence: President
