The Minister of Fisheries and Ocean Resources, Ahmed Shiyam has revealed that the government is reviewing several excellent proposals to invest in mariculture amid growing interest among investors in the sector.
The government aims to position the Maldives as a major player in the regional mariculture sector and Minister Shiyam speaking to PSM News said the attractive industry remains open for both local and foreign investors.
"The opportunity for mariculture in Maldives is very open. Especially for aquaculture. The Ministry has already received excellent proposals. So as I said earlier, we can see this industry growing like other industries in the country,” he explained.
Four regions have been identified by the government for the development of the mariculture industry within the Maldives.
The designated areas are Boduthiladhunmathi, which includes Haa Alifu and Haa Dhaalu Atolls, as well as Raa Atoll, Meemu Atoll, and Thaa Atoll. Additionally, a lagoon approximately 2 km from Maniyafushi has been allocated for mariculture.
Minister Shiyam pointed out that the government has introduced significant incentives to attract foreign investment.
Land acquisition fees will be waived for plots within the four designated areas, and no land rent will be charged for the first three years. Furthermore, duty exemptions will be granted for the import of essential equipment.
The Minister said the government’s vision to develop the mariculture industry can only be achieved with the participation of local businesses.