MIFCO's 'Felivaru' factory produces canned-fish products and fish pouches in family-sizes and jumbo-packs for restaurants and other businesses

Maldives Pledges US$290 Million Investment to Transform Fisheries Sector

MALDIVES
Monday, June 09, 2025, 05:00 (GMT + 9)

The Maldivian government aims to inject MVR 4.5 billion into developing mariculture, enhancing processing capacity, and boosting local fisher welfare, tackling long-standing issues like inadequate cold storage and low value-added exports.

MALE – The Maldivian government is set to embark on an ambitious MVR 4.5 billion (approximately US$290 million) investment in its crucial fisheries sector. Minister of Fisheries and Ocean Resources, Ahmed Shiyam, announced the significant funding on Saturday, signaling a renewed focus on transforming the industry. This comes as the government acknowledges outstanding payments of MVR 62 million (around US$4 million) owed to local fishers.

A key pillar of this investment is the development of mariculture as a standalone economic sector. The government has already begun attracting foreign investors for this initiative and plans to formally open foreign investment opportunities in July.

"We have secured funding for this [mariculture]. We are hoping to attract MVR 4.5 billion for the fisheries sector, and I do not think any other government has given such a significant focus [on fisheries] before," Minister Shiyam stated.

Addressing Processing Gaps and Boosting Value

A critical challenge for the Maldivian fisheries sector has been the severe lack of storage and processing capacity. This bottleneck forces the country to export an estimated 87% of its total fish catch as unprocessed raw material, often resulting in lower revenues due to limited demand for such products.

MIFCO's factory has a daily capacity of processing and canning 50 metric tonnes of fish

Minister Shiyam emphasized the current administration's commitment to tackling these issues head-on by developing cold storage and fish processing facilities. The government's plans include a significant upgrade to the country’s oldest cannery in Felivaru, aiming to increase its capacity from 50 tons to 100 tons. Despite its 50-ton capacity, the 40-year-old facility currently only manages to export 35 tons.

In addition to upgrading existing infrastructure, the government has unveiled plans for two new canneries in F. Nilandhoo and GDh. Fiyoari. Efforts are underway to ensure both new facilities become operational by the end of 2025. Minister Shiyam projects that the combined capacity of these new canneries will dramatically boost the nation's fish processing capability, potentially allowing up to 90% of all fish caught across the Maldives to be processed domestically.

Empowering Local Fishers

Beyond infrastructure, the current administration is taking extra measures to address historical disparities faced by the fisheries sector compared to other economic activities. These initiatives include the introduction of new financial schemes for local fishers through the Bank of Maldives (BML), offering new loan facilities and credit cards.

This comprehensive investment package aims to not only enhance the economic output of the Maldivian fisheries but also to improve the livelihood and financial stability of the nation's artisanal fishers.

[email protected]
www.seafood.media

Print