Government Expands Efforts to Develop Mariculture Industry

The government is continuing efforts to develop mariculture as a key industry in the Maldives, with an increasing number of Maldivian companies investing in the sector.

To support the industry’s growth, the government has designated five areas for mariculture activities. These include Boduthiladhunmathi, covering Haa Alif and Haa Dhaalu atolls, as well as Raa Atoll, Meemu Atoll, Thaa Atoll and a lagoon located about two kilometres from Maniyafushi.

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The Ministry of Fisheries, Agriculture and Ocean Resources said interest in the sector has increased following the success of a seaweed cultivation project launched by Floating Acres on Fehendhoo in Baa Atoll last year. The company exported its first shipment of seaweed earlier this year.

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 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 projects have created employment opportunities in the islands where they are being implemented while opening new avenues to increase the economic value of the Maldives’ marine resources.

The ministry added that discussions are underway with the Japanese government on a further initiative aimed at expanding the sustainable use of the country’s marine resources.

To encourage investment, the government has introduced a dedicated Mariculture Scheme, which provides financial assistance for businesses to purchase sea cages. According to the government, the scheme is intended to help existing operators expand their businesses while encouraging new investors to enter the mariculture industry.