Maldives Targets USD 190 Million in Fish Export Revenue with Enhanced Processing Capacity

Minister of Fisheries and Ocean Resources Ahmed Shiyam announced that the Maldives is set to significantly boost its fish export revenue to USD 190 million by enhancing its fish processing capacity.

Shiyam detailed the government’s initiatives to enhance the nation’s fish processing infrastructure. New factories are currently under construction in Lh. Felivaru, F. Nilandhoo, and GDh. Fiyoaree, which are expected to augment the government’s processing capacity by an additional 300 metric tons. The current processing capacity stands at 40 metric tons.

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With the involvement of private companies such as Ensis and Horizon, Shiyam estimates that these efforts will collectively elevate the Maldives’ overall fish processing capacity to 81,000 metric tons. “The aim is to eliminate the export of unprocessed fish, transitioning entirely to the export of canned fish,” said Shiyam.

Maldivian fishermen currently catch between 128,000 to 130,000 metric tons of fish annually. By processing and exporting approximately 82,000 metric tons, the government expects to see a substantial increase in revenue.

Shiyam highlighted the historical context, noting that the Maldives has been exporting frozen skipjack tuna for 40 years, yet the country’s cold storage capacity remains inadequate. He emphasised the need to improve processing capabilities to maximise economic benefits.

“The revenue from fish exports is currently around USD 90 million. If we enhance our processing capacity, this figure can rise to USD 180 to 190 million,” Shiyam stated.

The expansion of fish processing facilities is a strategic move aimed at leveraging the Maldives’ rich marine resources more effectively, ensuring higher economic returns and fostering sustainable fisheries practices.