Parliament hears first reading of Special Economic Zone Bill

The first reading of the Special Economic Zone Bill proposed by the government has been presented in parliament today.

The bill was submitted by Vilimale’ MP Ahmed Nihan Hussein Manik.

The Special Economic Zone Bill defines independent economic zones, and provides procedures and policies related to the management of and investment in those economic zones.

The bill defines a special economic zone as a specific geographic area managed by a single developer which is used for a particular economic activity. Such zones would have special privileges and would be exempt from the jurisdiction of Maldives Customs in terms of import and export duty requirements.

With this bill, the government hopes to expand the economy, increase foreign investment, introduce new skills and technology, create job opportunities, and increase productivity in the country.