Govt aims to make mariculture largest foreign exchange industry

Fisheries minister Ahmed Shiyam said on Wednesday that efforts are underway to develop mariculture into the largest foreign exchange-earning industry in the Maldives.

The minister made this statement while responding to a question from parliament members during a sitting on Wednesday.

Responding to a question posed by Galolhu North MP Mohamed Ibrahim, Shiyam noted that mariculture in the Maldives remains at a community scale but expressed the aim of transitioning it to a commercial level. The minister acknowledged the industry’s potential profitability, citing experiences in other countries.

"The mariculture industry is still in its early stages and operates at a community level. Our objective is to expand it to a commercial scale and establish it as the largest source of income for the country," the minister stated.

Shiyam shared that the cabinet has approved four areas in the country for mariculture development. The government is now focusing on formulating and passing the necessary regulations to support the industry’s expansion.

“We are working to bring the required regulations into law, even if changes are needed,” the minister said.

The minister indicated that the government intends to create a favourable environment for foreign investors, highlighting plans to introduce concessions to encourage international participation in the industry.

"Foreign investors are showing interest," he noted.

Shiyam concluded by expressing hope that mariculture would become a significant contributor to the country's economy in the future.