Board of Investments
One of the key steps towards the development of SEZs in the Maldives as outlined under the SEZ law, is the establishment of the Board of Investments (BoI). The current BoI was appointed by President His Excellency Dr. Mohamed Muizzu, in accordance with Article 58 of the SEZ Act on December 2, 2023.
Operating under the Ministry of Economic Development and Trade, BoI is tasked with overseeing and facilitating the establishment and management of SEZs, driving the country's economic diversification efforts.
Responsibilities of BoI:
- Review and process applications to grant approvals and licenses for SEZ development.
- Formulate policies to ensure the effective operation of SEZs.
Act as the central authority for issuing permits and coordination with various Government agencies to streamline the approval process for developers and investors. - Monitor investment activities, assess risks, and ensure compliance with regulations.
- Determine the rates for fees and charges, enter into investment agreements, and perform other functions essential for the successful implementation of SEZ initiatives.
Mohamed Saeed
Minister of Economic Development & Trade
Chairperson of the Board of Investments
Thoriq Ibrahim
Minister of Climate Change, Environment & Energy
Vice-Chairperson of the Board of Investments
Ibrahim Faisal
Minister of Tourism
Member of the Board of Investments
Mohamed Shahid
Principal Secretary to the President on Corporate Development
Member of the Board of Investments
