The government is continuing efforts to develop mariculture as a key industry in the Maldives, with a growing number of Maldivian companies investing in the sector.
To support the industry's development, the government has designated five areas for mariculture activities. These include 'Boduthiladhunmathi', comprising of Haa Alif and Haa Dhaalu atolls, Raa Atoll, Meemu Atoll, Thaa Atoll and a lagoon located approximately two kilometres from Maniyafushi.
A private company launched a seaweed cultivation project on Fehendhoo, Baa Atoll last year to generate export revenue. The project, operated by Floating Acres, exported its first shipment of seaweed earlier this year.
The Ministry of Fisheries, Agriculture and Ocean Resources said the success of that initiative has encouraged further investment in the sector.
According to the ministry, another company, STM, has now entered the industry and has begun cultivating seaweed in Kondey and Kolamaafushi in Gaafu Alifu Atoll.
The ministry also said a new project to manufacture seaweed-based products has been developed with technical assistance from the Food and Agriculture Organisation (FAO) and has received approval to proceed.
It said the initiative has created employment opportunities in the islands where the projects are being implemented while opening new opportunities to maximise the economic benefits of the country's marine resources.
The ministry added that discussions are also underway with the Japanese government to formulate another project aimed at further expanding the sustainable use of the Maldives' marine resources.
To support businesses entering the sector, the government has introduced a dedicated Mariculture Scheme, which provides financial assistance for the purchase of sea cages.
According to the government, the scheme will help existing operators expand their businesses while encouraging new investors to enter the mariculture industry.