Government Receives First SEZ Investment Proposal in Renewable Energy Sector

The government has officially confirmed the receipt of the inaugural proposal for Special Economic Zone (SEZ) investment. The President made the announcement during the MNCI Builder Awards 2023 ceremony at Hotel Jen.

President Dr Mohamed Muizzu, addressing the audience, revealed that the initial SEZ proposal focuses on the renewable energy sector and aims to generate 110 MW of renewable energy.

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Underlining the construction industry’s role in sustainable energy and development, Muizzu encouraged companies to attract additional investments to the Maldives.

A recent resolution by President Muizzu on the 17th of this month revised the minimum investment requirement in the Special Economic Zone to USD 100 million.

Economic activities that can be carried out in the SEZ:

• Various types of manufacturing activities with an export focus.
• Transshipment Port, International Logistics, Port, Airport, Bulk Breaking, Bunkering, Docking Service.
• University, tertiary hospitals, specialty hospitals, world-class research and development facilities.
• World-class information communication technology (ICT) parks, ICT-related facilities.
• International Financial Service, International Trade Centers.
• Renewable energy sector.
• Efforts to introduce technology not available in the Maldives.
• Food Security Sector.
• Gas exploration activities.

Previously, the proposed investment in the SEZ had to be at least USD 150 million.