MIGA meets with the Maldivian Business Community

Minister of State Aslam Shakir hosted a meeting of the visiting members of the Multilateral Investment Guarantee Agency (MIGA) with the Maldivian business community on Thursday afternoon at the Ministry. 

The meeting, jointly organized by the Ministry of Economic Development, The World Bank and the Ministry of Foreign Affairs, was attended by major industry associations and representatives of corporate entities, including the tourism, construction, banking, insurance and the fisheries sectors. 

During the meeting a the MIGA team made a presentation on the facilities offered by MIGA to encourage flow of FDIs to developing countries such as the Maldives and also to potential investors from the Maldives interested in investing in other developing countries.

Following the meeting, the Minister of State met with the representatives of the Maldives Seafood Exporters Association.  The meeting was arranged to discuss the issue of repeated notices issued by the authorities of some European countries on the quality of fresh tuna products exported from the Maldives.  The Minister of State expressed the government’s deep concern over the potential impacts of such notices resulting mostly from one specific exporter in the country, for the future of the entire industry and to the national economy.  Concerns of the industry representatives in this regard were also expressed during the meeting.

These meeting were joined by the Additional Secretary of the Ministry, Dr. HussainNiyaaz.

MIGA is a member organization of the World Bank Group that offers political risk insurance. It was established to promote foreign direct investment into developing countries. MIGA was founded in 1988 with a capital base of $1 billion and is headquartered in Washington, DC. 175 member countries comprise MIGA's shareholders.

MIGA promotes foreign direct investment into developing countries by insuring investors against political risk, advising governments on attracting investment, sharing information through on-line investment information services, and mediating disputes between investors and governments. MIGA's membership in the World Bank Group enables the organization to intervene with host governments to resolve claims before they are filed.