Minimum threshold for SEZ investment announced

President Abdulla Yameen Abdul Gayoom has, through a presidential decree, declared $150 million as the minimum threshold of the total investment required for the Special Economic Zone (SEZ).

The decree published on the Government Gazette states that according the SEZ Act, economic activity to be conducted in a zone established in the Maldives and the minimum threshold of the total investment required for that zone, shall, on the advice of the SEZ Board, be decided by the President and promulgated every year through a presidential decree.

The President also detailed the economic activities to be conducted in the economic zones. This includes transhipment ports, international logistics, ports, airports, bulk breaking, bunkering, docking service, universities, tertiary hospitals, super-speciality hospital, research and development facilities, information and communications technology (ICT) parks, international financial services, oil and gas explorations, and projects to introduce new technology.

The decree shall be enforced after the items are reviewed, and it shall be effective until the President promulgates a new decree under the SEZ Act.