Minister of Economic Development and Trade Mohamed Saeed has described the recent amendments to the Special Economic Zone (SEZ) Act as modern reforms, adding that the first project under the revised law will receive its licence soon.
The SEZ Act was first drafted and enacted in 2014.
Speaking on PSM News' “Hafthaa 104” programme on the occasion of the government’s two-year anniversary, the Minister said the SEZ Act had originally been introduced to facilitate the then-government’s Faafu Atoll project. However, the project was later halted, causing a significant loss of investor confidence in the Maldives, he said. The previous government had later shown no interest in utilising the SEZ framework, he said.
However, nearly ten years later, the present government has amended the law to align with modern needs, the Minister said. He noted that while ten types of SEZ can be established in the Maldives, a sustainable township concept is being introduced with the aim of establishing a large-scale real estate sector in the Maldives, he stated.
According to the Minister, these facilities will be developed on a lagoon or island in the Maldives, with the assets remaining permanently within the country. With this, the Maldives’ real estate businesses will have the opportunity to compete in the international arena, he said. This initiative will also support the tourism sector, he said, adding that this is the true meaning of economic diversification.
Minister Saeed further said the project will reduce the economy’s dependence on tourism. He also announced that a residential visa scheme, called the Pearl Visa Programme, will be launched to encourage the growth of a real estate market in the Maldives.