The Maldivian government is launching a major MVR 4.5 billion (approx. US$290 million) investment to boost its fisheries sector, with a strong focus on developing mariculture as a separate economic area. Foreign investment in mariculture will officially open in July.
Minister of Fisheries Ahmed Shiyam highlighted this as the largest commitment ever made to the industry and acknowledged MVR 62 million (US$4 million) in unpaid dues to local fishers.
To address long-standing issues like limited storage and processing, the government plans to upgrade the Felivaru cannery and build two new canneries in F. Nilandhoo and GDh. Fiyoari, targeting completion by end-2025. These efforts aim to enable domestic processing of up to 90% of all fish caught, reducing raw exports and increasing revenue.
The Maldivian government is also introducing new financial support measures for local fishers, including loan facilities and credit cards through the Bank of Maldives (BML). These efforts are part of a broader plan to correct past imbalances in support for the fisheries sector and to improve the economic well-being and financial stability of artisanal fishers alongside boosting overall industry output.