The government has established guidelines to waive acquisition fees for parties leasing designated mariculture zones, aiming to diversify the Maldivian economy and increase profits from marine resources.
During a cabinet meeting held on September 30, it was decided to designate four areas as mariculture development zones. This initiative aims to establish mariculture businesses in the Maldives, including building hatcheries and growing hatchery-produced species in the marine environment, open to the public including foreign investments. This decision was made following discussions based on a paper submitted by the fisheries-ministry after conducting relevant research. The zones are designated to include islands and reefs within the specified areas.
Designated Mariculture Zones:
At the cabinet meeting, guidelines for leasing the designated mariculture zones were also finalized. These include leasing to parties with experience in breeding marine life in hatcheries and opening it up generally, including to foreign investments. Under the policy to establish a mariculture industry in the Maldives and to introduce technology currently unavailable in the country, the islands and reefs in these zones will be leased in accordance with Articles 46 and 50 of the Maldives Fisheries Act. Furthermore, in line with the "Foreign Direct Investment Policy" formulated under the Foreign Investment Act, the islands and reefs in these zones will be leased for foreign investment for a period of 50 years.
Additionally, provisions have been made to allow proposals for mariculture activities in the entire zone or a part of it. If proposing to use a part of the zone, rent will be charged in proportion to the size of the area requested. It was also decided not to charge an acquisition fee from parties leasing the zones and to waive the rent for the first three years. These decisions were made to facilitate the development of a mariculture industry in the Maldives.
Among the cabinet's decisions is the allowance for multiple parties to operate mariculture activities within a single zone. When operating in this manner, it was decided to mandate the use of species that can be co-cultivated in the same area.
While four zones have been designated within the atolls for mariculture, the cabinet also decided to designate a reef area of approximately 73 hectares, located about 7 kilometers south of the Vaadhoo channel, south of Male Atoll, as a sea pen area dedicated to commercial-scale grouper breeding. It was also decided that this reef will be designated as a lagoon leased with priority given to parties interested in starting this business among those participating in mariculture training programs in collaboration with the fisheries-ministry.
