Maldives Receives Investment Proposals for Mariculture Sector Development

The government has announced that it has received proposals from both local and international sources to develop mariculture, or sea farming, within the country. 

Minister of Fisheries and Ocean Resources Ahmed Shiyam revealed the plans during an interview with PSM News, underscoring the government’s ambition to position the Maldives as a key player in the regional mariculture industry.

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The government has identified four zones for mariculture development, each chosen to optimise the growth of this emerging sector. Minister Shiyam noted that both local and foreign investors have already expressed strong interest, aligning with President Dr Mohamed Muizzu’s vision to enhance the nation’s fishing industry.

Discussions with investors are already underway, with some local investors reportedly prepared to establish commercial-scale mariculture operations. The minister conveyed optimism about the industry’s prospects, given the significant number of proposals received.

To encourage foreign investment, the government is offering notable incentives, including a waiver on land acquisition fees within the designated areas and exemption from land rent for the first three years. Additionally, import duties on equipment will be lifted, further easing the pathway for investors keen on contributing to the sector’s growth.

These measures aim to establish the Maldives as a mariculture hub, creating new economic opportunities while supporting the sustainable development of the country’s ocean resources.