The minimum investment threshold for government-designated Special Economic Zones (SEZs) has been reduced to US$100 million.
Former President Abdullah Yameen Abdul Gayoom had issued a decree on 31 January 2018 setting the minimum investment limit at US$150 million. President Mohamed Muizzu chose to revise threshold, lowering it to a minimum $100 million investment, according to the presidential decree issued on Sunday.
President Muizzu’s decree today added food security projects as qualifying for SEZ status while unbundling gas exploration and renewable energy into two separate project categories.
Projects that can be implemented in SEZs include;
- Various types of manufacturing, with products prioritised for export
- Transshipment port, international logistics, port, airport, bulk breaking, bunkering and docking services
- University, tertiary hospital, world class research and development facilities
- World Class Information Communication Technology, or ICT Park, with ICT related facilities
- International Financial Services, International Trade Centres
- Renewable energy
- Projects to introduce technology and innovation currently not available in the Maldives
- Food Security
- Gas Exploration
The President determines the areas where projects can be implemented, with the areas designated as Special Economic Zones, and the minimum investment for such projects under the authority given to him by the Special Economic Zones Act of 2014.
