President Dr Mohamed Muizzu has said that he will take inspiration from the successes and experiences of the UAE's special economic zones - Dubai International Financial Center - and aim to establish such economic hubs in the Maldives.
Speaking at the Maldives Investment Forum currently ongoing in Dubai, the President said today that special priority will be given to development projects that will benefit both UAE and the Maldives.
The government has required, through the Special Economic Zone (SEZ) Act, that a minimum of USD 100 million (MVR 1.5 billion) must be invested. It also identifies nine areas in which the investments must be made. This includes manufacturing work, transshipment port, tertiary hospital, international financing field and renewable energy.
The President said that as Maldives moves forward in its development journey, special emphasis will be placed on further expanding the tourism sector. Under this commitment, the President said that work on completing the Velana International Airport and making it operational will be expedited.
"The Government is working to broaden the tourism industry, and to discover new ways of increasing revenue within that field. Plans are in place to expand into sports, education, adventure, medical, as well as cultural tourism," the President elaborated.
Noting that airline services between UAE and the Maldives are well established even at present, the President stated that this is beneficial to both countries.
The President went on to assure that he will guarantee investor protection, and facilitate an enabling environment for private sector investments in the Maldives.
President Dr Muizzu asserted that the government gives high importance to supporting the strengthening of businesses in various sectors within the Maldives.
"We have resumed acting on the Special Economic Zone framework, and offered special leniencies for those who will be investing USD 100 million dollars," the President said.
The President also announced that a new Foreign Investment Bill is being proposed so as to provide a more accommodating environment for investors. He also said that many development projects can be carried out through creating Public Private Partnerships, promising to offer ease in such endeavours as well.
Highlighting the long standing bilateral relations between the countries, the President noted that UAE is amongst the countries that has the highest amount of imports to the Maldives. In 2023, products worth half a billion dollars was imported from UAE, which amounts to 12 percent of total imports to the country.
Assuring that Maldives will always welcome investors, the President noted that the country, even at present, has a high number of investors from the UAE in the tourism and real estate industries.
He said that the "Agreement on avoidance of double tax" and "Agreement on promotion and protection of investment entered into the Maldives" signed in 2017 also indicate the close business ties between the countries.
He stated that a special Investment Protection Treaty for the UAE will be drafted, converted into law, and implemented within the coming months.
The Maldives Investment Forum will reach its conclusion today. In addition to the delegation from Maldives, international financial institutes and UAE business leaders also participated in the forum. The forum has seen approximately 280 attendees.
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