MP Nasheed to draft regulations for SEZ investment board

The investment board created under the Special Economic Zone (SEZ) Act has tasked ruling Progressive Party of Maldives (PPM) MP Mohamed ‘Kutti’ Nasheed with providing legal advice and drafting regulations.

Local media reported last week that the Kulhudhufushi South MP was appointed for the task with unanimous consent of the investment board members at its first meeting on Thursday (September 18).

Nasheed – who was also involved in drafting the legislation – reportedly agreed to draft the regulations free of charge.

Earlier this month, President Abdulla Yameen appointed Tourism Minister Ahmed Adeeb chairman of the board of investment.

The five-member board is authorised to grant approval for applications by developers to establish a zone, issue permits and investment licenses, and formulate rules and policies for the operation of SEZs.

Additionally, the board would monitor and review progress of investments, assess risk damage and liability, determine rates of fees and charges, and sign investment agreements between the government and developers.

The board would be assisted by a 17-member technical committee comprised of government officials as well as representatives from the private sector.