Minister of Fisheries and Ocean Resources Ahmed Shiyam has stated that the Maldives has allocated USD 291.8 million towards the development of its fisheries industry.
Speaking in an interview with PSM News, the minister acknowledged the complex and diverse challenges facing the fisheries sector. He noted that while these challenges have persisted under successive governments, the current administration has made it a priority to address them.
The investment is directed towards infrastructure and resource development, with funding already secured for the planned initiatives. Minister Shiyam described the scale of the investment as unprecedented, underscoring the government’s commitment to revitalising the industry.
A key concern highlighted by the minister is the continued dependence of the Maldives Industrial Fisheries Company Limited (MIFCO) on state funding. He identified this reliance as a barrier to attracting foreign investment and emphasised the government’s aim to transform MIFCO into a self-sustaining, profitable entity capable of competing with private firms in the open market.
The administration has set a goal of tackling major challenges within the first three years, including efforts to increase the value of fish products in order to enhance export revenues.
