The Muizzu administration’s Board of Investments has begun reviewing the first proposal received by the government for investment in Special Economic Zones (SEZs).

The board met on Wednesday, with the Ministry of Economic Development and Trade confirming it had started reviewing a proposal to implement a 110 Megawatt renewable energy project in the Maldives.

The board is chaired by Minister of Economic Development and Trade Mohamed Saeed. Minister of Tourism Ibrahim Faisal, Minister of Climate Change, Environment and Energy, Thoriq Ibrahim and Minister of Housing, Land and Urban Development, Ali Haidar Ahmed are also members.

President Mohamed Muizzu recently reduced the minimum investment for SEZ projects to US$100 million from the previous US$150 million.

The President, under the SEZ Act, determines the areas where such projects can be implemented and to designate such areas as Special Economic Zones.

It is a pledge by President Muizzu to establish special economic zones in key areas designated under the SEZ Act and open up wider opportunities for investments.