China Machinery Engineering Corporation (CMEC) has signed an agreement to develop a fisheries and maritime logistics hub in Addu City, a move the government says will create new opportunities for the southern economy.
The agreement was signed during President Dr Mohamed Muizzu’s official visit to China, undertaken at the invitation of Chinese President Xi Jinping to attend the Shanghai Cooperation Organisation (SCO) summit.
According to the Ministry of Fisheries and Ocean Resources, the project aims to expand and modernise fisheries facilities and maritime logistics services in Addu. The Ministry said Addu City’s strategic location makes it one of the most suitable areas for advancing the fishing industry, and the new facilities are expected to provide greater resources for fishermen from the southern atolls while boosting their income.
Both parties will collaborate on a detailed master plan, financial and economic feasibility studies, as well as discussions on the business model and financing arrangements. The government said the broader objective is to revitalise the southern economy and create employment opportunities.
During the visit, President Muizzu signed 11 agreements with China to strengthen cooperation in various sectors. Among them was an agreement with Hongdong Fishery Corporation to develop the mariculture industry in the Maldives, with plans to promote it as a distinct sector. The President has identified mariculture development as a priority in his administration’s economic strategy.
