K. Male' | Rushdha Rasheed | 30-January-2017 | Monday 22:26 | rushdhar | Business | 898
President Abdullah Yameen has decreed that the minimum investment for Special Economic Zone (SEZ) is US$ 150 million.
The decision was announced in a decree issued Sunday. Laws decree that minimum investment amount for SEZ must be announced annually.
The decree states that investments must be at minimum of US$150 million for strategic investments to create an SEZ. Strategic investments include, manufacturing, trans-shipment ports, international logistics, ports, airports, bulk barracking, bunkering, docking services as well as universities, tertiary hospitals, super specialty hospitals and world class research and development facilities.
In addition, ICT parks, ICT facilities, international financial services, international trade center, renewable energy services, oil and gas exploration services and new technology services can also be started in SEZ.
The decree is mandated under the SEZ act. Every year Board of Investments has to advise the President on the minimum investment amount.
While the Government had made regular announcements regarding the SEZ, no party has expressed interest in the initiative.
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