Fisheries Minister Ahmed Shiyam has officially inaugurated a private sector project to commercially farm seaweed in the Maldives.
A special ceremony for this was held on Sunday in B. Fehendhoo. The Fisheries Ministry stated that this is the first time a private party has initiated a project to commercially grow seaweed in the Maldives. The Ministry of Fisheries and Ocean Resources also stated that this project will pave the way for further projects in the mariculture sector. As a result, new job opportunities will open up for youth and women while staying in their islands, the country's export revenue will increase, modern technology will be introduced to the Maldives, and Maldivians will have the opportunity to learn new skills. The Ministry also noted that this is an important step that will facilitate the country's economic and social development.
The Fisheries Ministry granted permission to a company named Floating Acres Private Limited to farm seaweed in December last year. While the company was given permission to carry out the work as a pilot project, the Fisheries Ministry has decided to issue a commercial seaweed farming license to the company based on the results of the 6-month period.
Floating Acres Private Limited started seaweed farming on December 15 last year in B. Fehendhoo. The seaweed required for the work was brought from neighboring Sri Lanka. Fisheries Minister Ahmed Shiyam officially inaugurated this project to commercially farm seaweed in the Maldives yesterday. In addition to the Fisheries Minister, some senior officials of the Ministry participated in this ceremony.
Floating Acres Private Limited stated that they started the seaweed business with the aim of starting a business that would not come to a halt under any circumstances and would provide a continuous, good profit. The company is currently preparing to export seaweed. The company's target is to export a 20-ton container in the first shipment. Based on current market prices, that is approximately 35,000 US dollars.
The type of seaweed Floating Acres Private Limited started growing is Kappaphycus alvarezii. This seaweed is used to produce "carrageenan", a thickening agent. Looking at the global market, this substance is widely used to produce beauty industry products, chocolate, and some beverages. This is a highly sought-after substance that is bought at high prices by various such industries worldwide. Therefore, the seaweed started to be grown in the Maldives is one that has a market and can be sold at a high price in the global market.
Since 1997, seaweed farming or growing projects have been carried out in three areas of the Maldives. However, those projects were halted due to various reasons. Previously, the FAO also conducted a pilot project to see if this type of seaweed could be grown in the Maldives. The report published upon completion of that project noted that this is a type that can be successfully grown.
President Dr. Mohamed Muizzu's policy is to expand economic activities using marine resources. Granting permission to a private party to commercially farm seaweed is an effort made as part of implementing this policy and making the mariculture industry an economically profitable industry for Maldivians.
