President Dr. Mohamed Muizzu has set the minimum investment value in the Special Economic Zones (SEZ) to USD100 million. Previously, the minimum investment was USD150 million.
President Muizzu has issued a resolution lowering the minimum value needed to invest in SEZs of the Maldives. No major changes have been made to the list of businesses that are allowed to invest in the zones. In addition, food security has been added to the investment areas in the zones. However, the provision that allows parties to invest in oil and gas exploration in the Maldives has been removed and only gas exploration activities have been allowed.
The businesses considered for SEZ investment include manufacturers that prioritise exports as well as port, transshipment port, international logistics, airport bulk breaking, bunkering and docking services. Institutions such as universities, tertiary hospitals, specialty hospitals and world class research and development facilities are also allowed.
The Maldives also permits institutions such as ICT parks and related facilities as well as international financial services. The areas currently considered for investment include renewable energy, information and communications technology, food security, and gas exploration.
The designation, creation and management of certain free zones in the Maldives by the name of Special Economic Zones are defined in the SEZ Act, enacted in 2014. It also includes laws to manage investment in these zones and the incentives granted to developers and Investors. The Act requires the President to set the minimum investment value of SEZs every year and announce the decision in a resolution published before February each year.