Fisheries Minister Ahmed Shiyam has stated that with the completion of the canneries currently being developed across the Maldives, the volume of processed fish exported from the country is expected to increase by 90 percent. The Minister made these remarks during a special interview given to the state media, PSM, regarding the ongoing work of the Fisheries Ministry.
During the interview, the Minister shared updates on the government's efforts to diversify the Maldives' fishing industry and increase the profitability of marine resources. He also highlighted the concerns facing the fishing industry and detailed the government's initiatives to overcome these challenges.
The Minister noted that the biggest challenge currently facing the fishing industry is the failure to secure a fair price for fish. He pointed out that due to inadequate cold storage capacity and a lack of sufficient fish processing facilities, fish caught in the Maldives has to be exported as raw fish without being processed, which is the primary reason for not getting a fair price. Therefore, President Dr. Mohamed Muizzu's objective is to increase the Maldives' processing capacity and expand cold storage. To achieve this goal, the Minister noted that work is underway to establish fish factories across the Maldives, in addition to expanding the capacity at Felivaru.
"There is a cannery in Felivaru that is over 40 years old. We are working to upgrade that cannery to 100 tonnes. It is currently at 50 tonnes, but only 35 tonnes are being processed. So, establishing a 100-tonne cannery in Felivaru. In addition, two canneries in the south... a cannery in F. Nilandhoo, and similarly a cannery in GDh. Fiyoaree. Once the work on these canneries is completed, God willing, the amount of processed fish exported from the Maldives will multiply. We estimate that processing will increase by more than 90 percent then," Fisheries Minister Shiyam said.
The Minister stated that this project is one of the government's biggest targets, and once completed, exporting value-added fish will secure better prices in foreign markets than what is currently received.
The Minister highlighted the lack of cold storage space as the biggest challenge to skipjack tuna fishing. He said that if cold storage capacity is increased and fish can be retained, better prices will be secured, and to reach that target, necessary work is underway to expand cold storage. Noting that the Maldives currently has a cold storage capacity of 9,500 metric tonnes, the Minister said that with the ongoing projects, cold storage capacity will be increased to 25,000 metric tonnes.
"The facility underway in Thinadhoo, the completion work will be expedited. And we are also working with the contractor to speed up the cold storage work in Felivaru. We hope to bring the Felivaru cold storage into operation before the end of this year. And we also want to bring the Thinadhoo cold storage into operation. We are working towards that path," Minister Shiyam said.
The Minister stated that the cold storage project in M. Mulaku, established with the assistance of the Saudi Fund for Development (SFD), has now been awarded, and that project will also commence shortly and be completed for use. He also noted that a project to increase the cold storage capacity of the Kooddoo Fisheries Complex (KFC) has been awarded to an Indian company, and work is also underway to establish cold storage in HA. Ihavandhoo. Once these projects are completed, the current shortage of cold storage in the Maldives will come to an end, fuel costs for fishermen will be significantly reduced, opportunities to secure higher prices for fish will be facilitated, and a major solution will be found for the problems facing skipjack tuna fishing, the Minister said.
Although fishing is one of the largest industries bringing foreign currency into the Maldives, the current revenue from the Maldives' fishing industry is $90 million. The Minister stated that once the ongoing projects are completed, the volume of processed fish will increase significantly, and the revenue from the fishing industry can be tripled. Furthermore, the Minister said that President Dr. Mohamed Muizzu's pledges to the fishing industry can only be achieved by increasing the profits from the industry, increasing the income for fishing families, creating an environment where private companies can expand their businesses, arranging fish storage on vessels, and training people in this field. Therefore, the government's efforts are shaped to achieve these goals, and based on the current progress, the future of the fishing industry looks very bright, the Minister said.
