The amount of minimum investment in a Special Economic Zone (SEZ) under the presidential decree has been set at USD 100 million (MVR 1.5 billion).
According to the decree, as published in gazette, there are nine categories of investment currently, which include;
- Export oriented manufacturing activities
- Transshipment ports and international logistics, ports, airports, bulk breaking, bunkering, and docking services
- University, tertiary hospital, specialty hospital, world-class research and development facility
- World-class information and communication technology
- International finance services
- Renewable energy
- Efforts to introduce technology unavailable in the Maldives
- Food security
- Gas exploration work
The SEZ Act was passed in 2014 and provides discretion to the president to determine areas and amount of investment.
Former President Abdulla Yameen’s government anticipated state revenues through SEZ projects, which were not initiated until his term concluded. A resolution was passed during his presidential tenure setting an investment of USD 150 million in SEZ.
Details of the SEZ projects would be disclosed through a presidential decree on the advice of the Board of Investment by February 2024.