Comment: SEZ bill opens doors for economic slavery
05 Jul 2014, 3:23 PM
Maldivian Economist
The government has said President Abdulla Yameen’s flagship Special Economic Zone (SEZ) legislation would bring an end to the Maldives’ dependence on tourism. The bill aims to create jobs, and stimulate investment in the Maldives’ underdeveloped atolls and bring in long term development.
However, the special incentives and tax breaks to corporations and limited oversight in the bill paint a different picture – SEZs will only institute a system of economic slavery in the Maldives.
The bill proposes handing over control of the Maldives’ atolls to corporations, and suggested lax regulations will allow money laundering, and increase corruption and inequality. It may also become a tool for resort owners to legally evade taxes.
What are SEZs? They are specific geographical areas within a country’s borders with relaxed regulations, financial incentives, and facilities to attract investment and create jobs.
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