First SEZ proposal received: Major renewable energy project

President Dr. Mohamed Muizzu, on Sunday night, has announced the receipt of the first proposal since the slash of the minimum rate for investments in economic activities in areas falling within the Special Economic Zone (SEZ) of the Maldives.

He made the announcement while speaking at the Builders Awards 2023 organized by the Maldives National Association of Construction Industry (MNACI).

As per the president, the proposal pertains to the production of 110 megawatts of electricity via renewable energy. He added the project will mark the first renewable emergency project initiated by a nation after the COP28 summit.

Speaking further, President Muizzu called for major construction-related investments within the SEZ, affirming the government’s commitment to facilitate many opportunities in this trajectory.

“Therefore, I wish for major projects. We are ready to give SEZ status by importing materials required for the construction industry in bulk,” he said.

President Muizzu noted that materials required for the industry can be imported to the Maldives in bulk and reexported to other nations as a business.

President Muizzu slashed the minimum rate for investments in economic activities at areas falling within the SEZ of the Maldives to USD 100 million earlier this month.

USD 150 million was the minimum rate set previously during former president Abdulla Yameen Abdul Gayyoom’s administration.