Sustainable Townships Proposed as SEZs

A new amendment to the Special Economic Zone Act has been introduced in Parliament, proposing to classify "sustainable townships" as special economic zones. These townships would be specifically developed residential areas equipped with modern services and facilities. Barashu constituency MP Ibrahim Shuja, presenting the government-backed bill, explained that its primary goal is to stimulate industrial, economic, social, urban, and financial development. He emphasized that the legislation aims to draw foreign investment and boost foreign currency inflows into the Maldives. The amendment establishes clear criteria for developments seeking sustainable township status: • Investment Requirement: Minimum of half a billion US dollars • Service Standards: Must provide luxury tourism services, an international-standard hospital, and a hospitality training center • Energy Commitment: At least 60% renewable energy usage • Food Security: On-site food production facilities The bill also outlines the incentives available to investors developing these townships and specifies associated tax regulations. Economic Minister Mohamed Saeed previously announced the government's target of attracting one billion dollars in SEZ investments over the next five years, noting that 680 million dollars in investments have already been secured. — Source fragments: