Fisheries and Ocean Resources Minister Ahmed Shiyam has announced that the government has secured an investment of MVR 4.5 billion to develop the Maldivian fisheries industry.
Speaking to state media, Shiyam said this is the largest investment the sector has ever received. The funds will be used to expand cold storage capacity to 25,000 tonnes and enhance the value of exported fish.
The minister noted that the investment will help resolve longstanding challenges in the sector and support the shift from a government-subsidized model to a profitable, self-sustaining industry. He added that the government aims to tackle the main obstacles facing the industry within the first three years, including solving the ice shortage within five years.
Speaking to state media, Shiyam said this is the largest investment the sector has ever received. The funds will be used to expand cold storage capacity to 25,000 tonnes and enhance the value of exported fish.
The minister noted that the investment will help resolve longstanding challenges in the sector and support the shift from a government-subsidized model to a profitable, self-sustaining industry. He added that the government aims to tackle the main obstacles facing the industry within the first three years, including solving the ice shortage within five years.
