Maldives Reserves Wholesale, Retail and Airline Agency Sectors Exclusively to Locals

In a sweeping move to bolster the national economy and empower local entrepreneurs, the Ministry of Economic Development, Transport and Trade has announced that business operations in two major sectors will be restricted exclusively to Maldivians starting on 8 October.

The policy shift, driven by recent amendments to the law, mandates the complete cessation of operations by foreign entities engaged in wholesale and retail trade within the Maldives. Additionally, foreign-operated cargo sales agent, general sales agent (GSA), and passenger sales agent services for airlines—a framework initially announced by the government in October of last year—will now be legally reserved for 100 percent Maldivian-owned companies.

The Ministry explained that foreign companies affected by the decree have been officially instructed to take necessary steps within the designated transitional period in strict accordance with the new Foreign Investment Entry Regulations.

As part of the enforcement process, the Ministry has also published the names of eight specific foreign businesses whose current status and operational intentions could not be clarified. Despite ongoing efforts to establish communication regarding transitional arrangements, these entities remain unreachable through standard channels. The Ministry has directed these companies to urgently contact Invest Maldives, verify their applicable transitional requirements, and complete all mandated compliance procedures before the fast-approaching deadline.

Government officials project that reserving these lucrative sectors—particularly within the local tourism and aviation supply chains—will generate broader commercial opportunities for domestic businesses. Alongside these business-sector protections, the administration has also designated certain job categories exclusively for Maldivian citizens.

The Ministry of Economic Development anticipates that these comprehensive regulatory changes will significantly enhance domestic revenue retention and strengthen the overall financial resilience of the country.