The government has received the first proposal for investment in Special Economic Zones (SEZ), President Dr. Mohammed Muizzu has announced.
He made the announcement while speaking at the Maldives National Association of Construction Industry (MNACI) Construction Awards ceremony.
"We have opened up opportunities for SEZ investments under the SEZ Act. We are pleased to announce that we have received the first proposal. That is a project which will achieve 110 megawatts in the field of renewable energy," he said.
It will be the first renewable energy project launched in a country since COP28, he said. The construction industry will have to play various roles in the project, he said.
The government has reduced the minimum investment amount in SEZs to USD 100 million. The previous minimum limit was USD 150 million.
The President has the authority to determine projects that can be conducted in SEZs and minimum investments under the SEZ Act which came into effect in 2014.
