{"id":7590,"date":"2023-12-18T13:02:05","date_gmt":"2023-12-18T08:02:05","guid":{"rendered":"https:\/\/mbt.mv\/?p=7590"},"modified":"2023-12-18T13:02:05","modified_gmt":"2023-12-18T08:02:05","slug":"minimum-usd-100-mn-set-for-sez-investments","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=7590","title":{"rendered":"Minimum USD 100 Mn set for SEZ investments"},"content":{"rendered":"

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).<\/p>\n

According to the decree, as published in gazette, there are nine categories of investment currently, which include;<\/p>\n

    \n
  1. Export oriented manufacturing activities<\/li>\n
  2. Transshipment ports and international logistics, ports, airports, bulk breaking, bunkering, and docking services<\/li>\n
  3. University, tertiary hospital, specialty hospital, world-class research and development facility<\/li>\n
  4. World-class information and communication technology<\/li>\n
  5. International finance services<\/li>\n
  6. Renewable energy<\/li>\n
  7. Efforts to introduce technology unavailable in the Maldives<\/li>\n
  8. Food security<\/li>\n
  9. Gas exploration work<\/li>\n<\/ol>\n

    The SEZ Act was passed in 2014 and provides discretion to the president to determine areas and amount of investment.<\/p>\n

    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.<\/p>\n

    Details of the SEZ projects would be disclosed through a presidential decree on the advice of the Board of Investment by February 2024.