The Maldivian government is poised to inject a record-breaking USD 291.8 million into the fisheries sector in a bold effort to modernize one of the nation’s most vital industries, according to Fisheries and Ocean Resources Minister Ahmed Shiyam.
In an exclusive interview with PSM News, Minister Shiyam described the investment as the largest ever made by a Maldivian administration into the fishing sector, underscoring the government’s commitment to overcoming longstanding challenges that have plagued the industry for decades.
“This is a transformative move,” Minister Shiyam said. “We’ve secured funding for crucial infrastructure and resource development projects—initiatives previous governments often failed to implement despite recognizing their importance.”
The minister acknowledged the complex and diverse nature of the fisheries industry, which remains the backbone of the Maldivian economy and a key source of livelihood for thousands. He emphasized that the current administration is working swiftly to address structural hurdles, with the aim of achieving tangible improvements within its first three years in office.
Central to the government’s strategy is the revitalization of the Maldives Industrial Fisheries Company (MIFCO), a state-owned enterprise heavily reliant on government subsidies. Shiyam pointed out that this dependence has become a barrier to attracting private and international investment.
“Our goal is to turn MIFCO into a self-sustaining, competitive entity—capable of operating successfully alongside private companies,” he said.
One of the primary focus areas of the investment is value addition. By enhancing the quality and marketability of fish products, the government hopes to significantly increase export revenue and improve profitability across the supply chain.
The nearly $292 million investment marks a turning point in the Maldives’ approach to fisheries development—one that prioritizes modernization, market competitiveness, and long-term sustainability.
As one of the nation’s key economic pillars, the fishing industry has often been overlooked in terms of strategic investment. The government now hopes this substantial financial commitment will lay the groundwork for a more prosperous and resilient future for Maldivian fishers and stakeholders.
