The Maldivian government will spend USD 291.8 million to address problems faced by the fisheries industry, Minister of Fisheries and Ocean Resources, Ahmed Shiyam has announced. He made the announcement while speaking at the 45th Fisheries Day celebrations held in Dhuvaafaru, Raa Atoll.
In his address, the Minister emphasised that permanent solutions are being prioritised for challenges faced by the fisheries industry. While the government has already disbursed over USD 58.37 million to fishermen since last year, it has successfully fulfilled its promise to pay fishermen for their catch within 48 hours. The Minister also pointed out that cheap fuel provision for fishermen has also been successfully fulfilled, and a facility in Hulhumale’ for large-scale Yellowfin Tuna fishermen is nearing completion.
Pointing out that the Maldives is home to some of the world’s most sustainable fisheries and 50 percent of the pole-and-line export market, the Minister said the Maldives aims to strengthen its global influence in order to have a say in global fish prices by increasing fish storage capacity from 9,500 to 25,000 tonnes.
The Minister said the Maldives Industrial Fisheries Company Limited (MIFCO) purchases 60 percent of locally caught fish, with 80 percent exported raw and the rest in cans. The government plans to triple fish processing capacity, aiming to increase export revenue to USD 190 million.
According to the Minister, USD 8.3 million will be allocated to support diversification of the industry and support SMEs while also developing new industry segments. Of this, 40 percent to be provided as grants, and USD 1.79 million to be issued as loans to support SMEs.
Additional initiatives include mariculture zones for investors, training programmes, installation of RSW systems on all boats to address ice shortages, and development of next-generation fishing vessels.
A contract was also signed during the event to develop a fishing port with cold storage and a special fish purchasing facility. The project site will be in Kandholhudhoo, Raa Atoll, a former fishing island abandoned after the 2004 tsunami. This project is part of the government’s broader efforts to improve fisheries infrastructure, including ice plants and fish processing facilities across the country.
As part of the ceremony, late Hassan Sabir, recipient of Order of Izzuddin, was recognised for his contributions to the fisheries sector. He served as Minister of Fisheries and Agriculture from 1993, prioritising the planning, management, and development of Maldivian fisheries.
In addition, President Dr Mohamed Muizzu presented awards recognising 32 parties who have rendered distinguished service to the fisheries industry, as well as individuals, companies, fishing vessels, and fishermen who made outstanding contributions to the sector during 2023 and 2024.