Male, June 14 (newsin.asia) – 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 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.
Foreign investments will be restricted to partnerships with at least a 51 percent stake owned by Maldivians.
Existing foreign-owned businesses have also been instructed to cease operations, the Ministry said.
The government recently also 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, cafés and shops was also put into effect.
The World Bank recently said that nearly a quarter of Maldivian youth remain unemployed.