President assures sovereign authority despite a foreign party owning freehold in Maldives

 President Abdulla Yameen Abdul Gayoom has assured that even though a foreign party owned a part of the territory of the Maldives, the land area and all property and activity inclusive of the land will come under the sovereign authority of the Maldives. The President made this assurance at a press conference held on Thursday afternoon, following the ratification of the Second Amendment to the “Constitution of the Republic of Maldives”. The bill states that a foreign party may own or be given ownership of any part of the territory of the Maldives as freehold, upon meeting the criteria stated in the constitution.

The President said that the investments made at such freeholds will fall under the jurisdiction of the constitution and the rule of law of the Maldives, and that the Government will not permit any investors to contradict these laws.

Speaking at the press conference held at the President’s Office, President Yameen said that the amendment made to the constitution ensures the freehold being utilized solely for the investment purpose it was originally given ownership of, and that it did not allow for any further ventures to take place, unless approved by the parliament.

In this regard, the President stated that the amendment to the constitution did not in any way change the country’s foreign policy, or raise concern about the safety and security in the Indian Ocean region. Continuing on, the President pointed out that the ownership of territory was granted subsequent to necessary procedures being met, such as the Government’s permit and the parliament’s approval.

Highlighting the Government’s plans for the country’s development, the President emphasized the high priority accorded by the Government to speed up the pace of national advancement. He noted the importance of economic independence for a nation to experience true independence.

The President further said that the amendment made to the constitution will attract greater investments to the Maldives. He reiterated the Government’s aims to realise Maldivian youths’ dreams through economic transformation. The President also said that the amendment was made for the purpose of attaining these goals.