President Dr. Mohamed Muizzu has announced that the Maldives has received a proposal for a mega solar energy project, marking the first investment proposition in special economic zones (SEZs) aimed at reducing dependence on sectors such as tourism.
Speaking at the ceremony held at Maagiri Hotel last evening to present the Maldives Association of Construction Industry (MACI) Builders Award, President Muizzu said that the government has opened up opportunities for investors under the SEZ Act.
"We have received the first proposal. The project will generate 110 MW in the field of renewable energy," he said.
The President said that this was the first effort by any country in the world to achieve the goals set at the recent COP28 meeting.
However, the President did not provide further details about the project during the ceremony.
The new government has established a minimum investment requirement of USD 100 million (MVR 1.5 billion) under the SEZ Act. Nine areas of investment have also been identified, including manufacturing, transshipment ports, tertiary hospitals, international finance, and renewable energy.
President Muizzu urged the construction industry to make optimal use of the SEZs.
He emphasized that local companies should play a significant role in the renewable energy sector as well.
Noting that the government has expanded the scope of SEZs, the President stated that the construction industry should seize this opportunity and actively seek foreign investment.
"We are ready to import construction materials in bulk for the construction industry and grant them SEZ status. We should initiate bulk storage in the Maldives and store them for re-export," he said.
President Muizzu added that there would be multiple opportunities for local companies involved in the construction sector under the development projects by the current administration.
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