Maldives sets 150m USD as lowest investment for new economic zones

Maldives President Abdulla Yameen has set the minimum investment for the country's new Special Economic Zones at 150 million U.S. dollars, local media reported on Monday.

President Yameen, in the decree published in a government gazette, said that Special Economic Zone (SEZ) Act made it compulsory to determine economic projects that could be carried out in SEZ, and the minimum investment acceptable in each zone.

Under the decree, proposals for all except monetary projects will be reviewed by taking minimum fixed investment amount proposed by developers for the whole project as value of investment.

Proposals for monetary projects are to be reviewed by taking fixed investment amount proposed by investors for project, plus amount of capital investment to be brought into Maldives to start the monetary business as value of investment.

"Investment for businesses outside of strategic portion shouldn 't be larger than total investment for strategic portion, from total amount of investment proposed by developer," read the decree.

The decree also stated types of projects that could be conducted in the special economic zones.

It includes export manufacturing businesses, transshipment ports, international logistics, ports, airports, bulk breaking, bunkering, and docking services.

Plus universities, tertiary hospitals, super-tertiary hospitals, world-class research and development facilities, information technology parks, and information communication technology related projects.

It has also been determined that international financial services, international trade centers, energy, oil, and gas exploration, and projects to introduce new technology to Maldives can be conducted in the zones.

Yameen's government is hopeful the new zones will attract investment, provide jobs and ramp up economic growth in a country heavily dependent on tourism.