Parliament accepts Special Economic Zone Bill

The parliament has accepted the Special Economic Zone Bill, proposed by the government.

The bill was accepted with 46 votes in favour, and 16 votes against.

It has now been sent to the Economic Affairs Committee for assessment.

The bill, submitted by Vilimale’ MP Ahmed Nihan Hussein Manik, defines independent economic zones, and provides procedures and policies related to the management of and investment in those economic zones.

Speaking during the debate on the bill, Nihan said that it would allow repossession of economic zones that have been leased in violation of international anti-corruption conventions signed by the Maldives.

Members of opposition parties, meanwhile, argued that the bill aids corruption.

A special economic zone is defined in the bill as a specific geographic area managed by a single developer which is used for a particular economic activity. Such zones would have special privileges and would be exempt from the jurisdiction of Maldives Customs in terms of import and export duty requirements.

With this bill, the government hopes to expand the economy, increase foreign investment, introduce new skills and technology, create job opportunities, and increase productivity in the country.