Maldives has invested USD 291.8 million towards the development of the fisheries industry, Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed.
In an exclusive interview with PSM News, Minister Shiyam admitted the many challenges faced by the fisheries industry due to its uniquely diverse nature.
However, he highlighted that this Administration has prioritised in addressing these challenges where successive governments had failed, adding that the funding has been secured towards infrastructure and resource development.
"We have secured funds for these projects. An investment of USD 291.8 million will hopefully be made in the fishing industry. I don't think there has ever been such a huge investment by a government before this,” he explained.
Minister Shiyam also described the State-owned Maldives Industrial Fisheries Company Limited (MIFCO) continued reliance on State funds for its operations as an obstacle to attracting foreign investors to the fisheries industry.
The government is aiming to make MIFCO, currently heavily subsidised, a profitable company with ability to compete with private firms in the open market.
The government is working to address the challenges faced by the fishing industry within its first three years, including value addition to fish products to boost revenue from exports.