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Government begins reviewing first SEZ proposal

Jan 4, 2024, 4:17 AM

The board is chaired by Economic Minister Mohamed Saeed.

The Board of Investments has started reviewing the first proposal received by the government for investment in Special Economic Zones (SEZs).

The board held a meeting yesterday and the Economic Ministry said it had started reviewing a proposal to generate 110 megawatts of renewable energy in Maldives.

The board is chaired by Economic Minister Mohamed Saeed. Other members on the board are Tourism Minister Ibrahim Faisal, Environment Minister Thoriq Ibrahim and Urban Planning Minister Dr. Ali Haidar Ahmed.

President Dr. Mohamed Muizzu announced the first proposal received by the government during the Maldives National Association of Construction Industry (MNACI) Awards ceremony on December 24.

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.

Minister of Economic Development and Trade Mohamed Saeed Economic Ministry Economy

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