President Dr. Mohamed Muizzu announced at the Builder Awards 2023 that the Maldivian government has received a proposal for a groundbreaking 110MW renewable energy project within the Special Economic Zone (SEZ). Emphasizing the government’s commitment to fostering investments in the SEZ, President Muizzu highlighted the potential for the construction industry to play a pivotal role in advancing the renewable energy sector.
President Muizzu urged Maldivian companies to actively support the government’s initiative to attract investments for the SEZ. Proposing the establishment of a business focused on storing bulk materials for the construction industry within the Maldives, he assured that the government would grant it SEZ status. The President suggested that such a business could subsequently re-export materials to other countries, contributing to economic growth.
Notably, President Muizzu revised the minimum investment value in the SEZ to USD 100 million, down from the previous USD 150 million. Eligible businesses for SEZ investments encompass manufacturers prioritizing exports, as well as entities involved in port operations, transshipment, international logistics, airport bulk breaking, bunkering, and docking services. The SEZ also extends its scope to include institutions like universities, tertiary hospitals, specialty hospitals, and world-class research and development facilities.
Expanding the investment landscape, the Maldives welcomes institutions such as Information and Communications Technology (ICT) parks and related facilities, along with international financial services. The specified sectors open for investment within the SEZ encompass renewable energy, information and communications technology, food security, and gas exploration. President Muizzu’s strategic vision aims to position the Maldives as a hub for sustainable development and innovation, leveraging the opportunities presented by the SEZ.