Maldives to boost fish storage to 25,000 tonnes to aid exports
Alongside storage, the government plans to boost fish processing capacity, which is essential for enhancing the value of Maldivian fish exports.
The Maldives government has announced a plan to increase fish storage capacity across the country, aiming to strengthen the fishing industry and enhance export potential.
The goal, as outlined by Fisheries Minister Ahmed Shiyam, is to raise the nation's fish cooling and storage capacity from the current 8,500 tonnes to 25,000 tonnes within the first five years of the current administration.
Speaking at a press conference held at the President’s Office, Shiyam emphasized that limited storage capacity is one of the primary challenges preventing the fishing industry from achieving optimal export prices. Currently, a significant proportion of Maldivian fish, about 65%, is exported as raw material due to storage limitations. This dependence on raw exports has led to reduced revenue, as the country must often accept prices set by buyers rather than commanding its own.
“If MIFCO (Maldives Industrial Fisheries Company) processes 72,000 tonnes of fish in a productive year, a large portion is exported as raw fish,” Shiyam said. “Due to lack of storage, the industry is forced to sell fish at prices that buyers dictate, rather than prices that the Maldives aims to achieve.”
Currently, the main storage facilities in the Maldives—located in Lh. Felivaru, Ga. Kooddoo, and S. Hulhudhoo—have a combined capacity of 4,250 tonnes, with MIFCO’s fishing vessels adding another 4,250 tonnes. This brings the national total to 8,500 tonnes, a figure that falls short of the industry's needs.
To address these challenges, the government has laid out a series of projects aimed at expanding fish storage and processing facilities across the Maldives:
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Gdh. Thinadhoo: A new 1,000-tonne storage facility is under construction, expected to be completed by mid-next year.
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Gdh. Fiyoree: The government is collaborating with a Chinese company to establish a 3,000-tonne fish storage facility, alongside a 100-tonne processing facility.
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Ga. Kooddoo: The current storage capacity of 2,000 tonnes will be expanded by an additional 4,000 tonnes. The new facility agreement will be signed shortly, increasing Kooddoo’s storage capacity to 6,000 tonnes.
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S. Hulhudhoo: Currently able to store 500 tonnes, MIFCO has secured funding from the Islamic Development Bank to add another 500 tonnes by mid-2026.
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F. Nilandhoo: Plans are underway to establish a 1,500-tonne storage capacity.
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M. Mulak: A 500-tonne storage facility is being developed with assistance from the Saudi Fund and is expected to be completed in 300 days.
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Ha. Ihavandhoo: A new facility with a 1,000-tonne capacity is also set to be completed by mid-2026.
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Lh. Felivaru: Currently holding less than 800 tonnes, Felivaru will see an additional 4,000 tonnes of storage capacity added, along with 100 tonnes to support its fish-packing facility.
Through these strategic expansions, Shiyam stated, “If everything goes according to plan, we will increase our fish storage capacity from 8,500 tonnes to 25,000 tonnes within the first term of President Mohamed Muizzu’s five-year presidency.”
Alongside storage, the government plans to boost fish processing capacity, which is essential for enhancing the value of Maldivian fish exports. Shiyam explained that exporting processed fish rather than raw fish would allow the country to set its own prices, ultimately raising foreign exchange earnings.
New fish processing facilities, each with a 100-tonne capacity, are planned for:
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Lh. Felivaru
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F. Nilandhoo
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Gdh. Fiyoree
This increase in processing capacity, Shiyam said, will double the Maldives’ revenue from fish exports and position the Maldives to capture a greater share of the export market.
The proposed expansion represents what Shiyam described as “the biggest revolutionary change that a government will bring to the fishing industry in the history of the Maldives.” By increasing storage and processing facilities, the government aims to transform the sector, securing better prices for exports and ensuring a more stable and profitable future for Maldivian fisheries.
