President ratifies SEZ Bill

The Special Economic Zone (SEZ) Bill has been ratified by President Abdulla Yameen Abdul Gayoom.

The bill will come into effect at midnight tonight.

The bill was passed by the parliament with 60 votes in favour, by MPs of Progressive Party of Maldives (PPM), Maldives Development Alliance (MDA), and Jumhooree Party (JP). Fifteen MPs, of opposition party Maldivian Democratic Party (MDP), voted against the bill.

A total of 274 revisions were proposed to the bill, out of which the parliament only approved the revisions proposed by PPM.

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.