Maldives Fisheries Industry Makes Waves: 42% Surge in Fish Purchases Injects USD 258 Million into Economy

In a testament to the Maldives' thriving fisheries sector, fish purchases have surged by an impressive 42% under the leadership of President Ibrahim Mohamed Solih, resulting in a substantial USD 258 million disbursed to fishermen over the past five years.
Deputy Minister Riyaz Mansoor, in an interview with PSM News, emphasized the significant role the fisheries industry plays in the Maldivian economy. With a growing number of Maldivians actively engaged in this vital sector, both the fleet of fishing boats and the number of fishermen have witnessed a noticeable increase.
Deputy Minister Mansoor underscored the government's unwavering commitment to further developing the fisheries sector. Ongoing projects, he stated, are poised to bring revolutionary changes to the industry. Notably, the Maldives Industrial Fisheries Company (MIFCO) disbursed an unprecedented USD 64 million to fishermen last year alone.

Efforts to bolster the sector extend to infrastructure development, including the construction of cold storage facilities across the nation. According to Deputy Minister Mansoor, these investments are essential to address the evolving challenges faced by fishermen. He expressed optimism that the successful completion of these projects will lead to a doubling of funds disbursed to fishermen.
Furthermore, Deputy Minister Mansoor highlighted a positive trend in fish prices, which have risen from USD 1.1 to USD 1.6 per kilogram. The Maldives is also actively engaged in negotiations to eliminate tariffs on fish exports to the United Kingdom (UK) and the European Union (EU).
The Maldives fisheries sector's robust growth and its role in contributing significantly to the nation's economy underscore the government's dedication to this critical industry. As the sector continues to flourish, it not only enhances the livelihoods of countless Maldivians but also strengthens the country's position in international trade negotiations, ensuring a prosperous future for all.