News Desk
The government of President Dr. Mohamed Muizzu has introduced sweeping revisions to the Maldives’ Special Economic Zone framework, a recalibration aimed at pulling the nation’s narrow, tourism‑dependent economy onto more stable and diversified ground. The updated standards, issued under the 2014 Special Economic Zone Act, represent one of the administration’s most ambitious efforts to court large‑scale foreign capital.
The new criteria, approved last week after consultations with the Economic Council and investment authorities, divide SEZ projects into two tracks. One targets major commercial ventures with a minimum investment of $100 million. The other focuses on “sustainable township development”, a category requiring at least $500 million in capital and intended to reshape how Maldivian communities grow.
For President Muizzu’s government, the shift is both strategic and urgent. The Maldives has long relied on high‑end tourism to fuel its economy — a model that has delivered prosperity but left the country acutely vulnerable to global shocks. Diversification has become a central theme of the administration, and the SEZ overhaul is now positioned as a cornerstone of that agenda.
The $100 million category covers nine sectors the government considers essential to long‑term resilience. These include export‑oriented manufacturing, transshipment and logistics hubs, bunkering and port services, and airport‑linked operations. Education and health investments — universities, tertiary hospitals, research centres — also qualify, as do ICT parks, renewable‑energy projects, and ventures introducing technologies not yet available in the Maldives. Food‑security initiatives and oil, gas, and mineral exploration round out the list.
The second category, the $500 million township model, is more transformative. It envisions large‑scale, environmentally conscious urban development — projects that could redefine housing, infrastructure, and public services across selected islands. The goal is not simply to build new districts, but to create modern, self‑sustaining communities that ease pressure on Malé and support long‑term economic stability.
The Muizzu administration argues that such investments will generate jobs, expand the country’s foreign‑exchange base, and reduce its exposure to downturns in tourism. Whether global investors will commit at the scale envisioned remains uncertain. But in a nation where land is scarce and economic options limited, the new SEZ rules signal a clear shift: the Maldives is rewriting its investment playbook — and betting big on a more diversified future.
