MMA Governor: SEZ can be a success if public interest is prioritised

Governor of Maldives Monetary Authority (MMA) Dr Azeema Adam has said that the Special Economic Zone (SEZ) concept would be a success, if public interest is prioritised in the development of these zones.

Azeema made this remark while speaking on a forum on SEZ, shown on TVM on Wednesday evening.

“SEZ will be a success if a long-term vision is determined, and strategies are put in place to achieve that vision. The concept of Special Economic Zones introduced in the Maldives now, has been tried in many countries. It is managed successfully in many countries, but the results are not so positive in some others,” said the Governor of the central bank.

Azeema said that the zones will increase income and productivity in the country, which will benefit the people; but stressed the importance of long-term planning in the implementation of this concept.

“The benefits of SEZ will not be achieved if it is managed as part of a political movement. Investors will only come to the country, they will only get that confidence, and jobs can only be increased for locals - if political confrontations are dealt with and concluded. Debates on these issues should be meaningful, productive, and intellectual,” she said.

She said that experts agree that Special Economic Zones will play a major role in a country’s economic development.

According to the International Labour Organisation (ILO), there are 3,500 Special Economic Zones of various sizes in 130 countries.