Committee to complete assessment of Special Economic Zone Bill in October

The Economic Affairs Committee has set 10 October 2014 as the deadline for completing its assessment of the Special Economic Zone Bill, proposed by the government.

At a meeting held today, the committee decided to seek advice from all stakeholders, such as state institutions and business associations, by sending letters and allowing 20 days to submit comments and advice on the bill.

The bill was accepted by the parliament on Monday, with 46 votes in favour and 16 against.

The bill, submitted by Vilimale’ MP Ahmed Nihan Hussein Manik, defines independent economic zones, and provides procedures and policies related to the management of and investment in those economic zones.

Speaking during the debate on the bill, Nihan said that it would allow repossession of economic zones that have been leased in violation of international anti-corruption conventions signed by the Maldives.

Members of opposition parties, meanwhile, argued that the bill aids corruption.

A special economic zone is defined in the bill 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.