President Dr. Mohamed Muizzu has revealed that the government has received a proposal to commence a renewable energy project in the Maldives' Special Economic Zone (SEZ).
At the Builder Awards 2023, President Muizzu said that the government opened the opportunity for investments in the SEZ and the first proposal received was a major 110MW renewable energy project.
Additionally, President Muizzu said that the construction industry can play an important role in developing the renewable energy sector. He also urged Maldivian companies to support the government's efforts to bring in investments for the SEZ. He proposed starting a business to store bulk materials for the construction industry in the Maldives, adding that the government will give it SEZ status. He suggested that such a business would be able to re-export the material to other countries.
President Muizzu has set the minimum investment value in the SEZ to USD100 million. Previously, the minimum investment was USD150 million. 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.