The minimum amount of investment in a Special Economic Zone (SEZ) under a presidential decree has been set at USD 100 million (MVR 1.5 billion).
According to the decree, as published in the gazette, there are nine categories of investment. These include:
1. Export oriented manufacturing activities
2. Transshipment Ports and International Logistics, Ports, Airports, Bulk Breaking, Bunkering and Docking Services
3. University, Tertiary Hospital, Specialty Hospital, World-Class Research and Development Facility
4. World-class information and communication technology
5. International Finance Services
6. Renewable energy
7. Efforts to introduce a technology which is not available in the Maldives
8. Food security
9. Gas exploration work
The SEZ Act was passed in 2014. According to the Act, the President has the authority to determine the areas and amount of investment.
Former President Abdulla Yameen's government anticipated substantial state revenues from SEZ projects. However, as his term concluded, no projects under the SEZ had been initiated. During President Yameen's term, a resolution was issued to invest USD 150 million in the SEZ.
Details of projects under SEZs will be disclosed through a presidential decree on the advice of the Board of Investment by February every year.
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