Maldives awards USD225 million fisheries project to China firm
He said he hoped the fish factories would be operational within the next 18 months.
By
Fathmath Ahmed Shareef
A Chinese company has been awarded a USD 225 million project to build fish processing factories in three regions of the Maldives.
The projects were awarded to Dongfang Electric Corporation, a Chinese government-owned company, at a ceremony held at the Fisheries Ministry on Sunday. The agreement was signed with the company to procure funds for the project as well.
The three simultaneous projects are:
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Construction of fish factory and cold storage at Dh. Maadheli
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Expansion of Lh. Felivaru Fish Factory
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Work on fish factory and cold storage at G.Dh.Fiyoaree
After signing the agreement, Fisheries Minister Ahmed Shiyam said the cost of the project is yet an estimate. As such, USD 225 million was the amount he estimated the entire project could cost.
Shiyam said:
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100 tonne fish processing plant to be set up in Felivaru; the work is estimated to cost USD 50 million
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A 1500 tonne cold storage with a 50 tonne fish processing plant will be set up in Dh.Maadheli; the works are estimated to cost USD 75 - USD 100 million
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A 100-tonne fish processing plant with 3,000-tonne cold storage will be set up in G.Dh.Fiyoaree; the work is estimated to cost between USD 50 - 75 million
He said he hoped the fish factories would be operational within the next 18 months. The establishment of these facilities is expected to increase the percentage of fish exported and the amount of foreign exchange entering Maldives to USD 180 million, he said. Currently, the foreign exchange earnings are USD 91 million, he said.
Shiyam added:
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The 40-year-old Felivaru’s capacity is 50 tonnes, but now produces 40 tonnes of fish
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Of the private fisheries factories in Maldives, 50 tonnes of fish are currently processed in Maandhoo and 20 tonnes in Ensis in Hulhumale
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Of the 182,000 tonnes of fish caught in Maldives, 63,000 tonnes are exported as raw fish during the year
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Such a large amount of raw fish is exported due to insufficient capacity in MIFCO; therefore, a large percentage of foreign exchange that should have entered Maldives is not entering Maldives
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With the three fish factories to be set up in three regions under the agreement signed with the Chinese company, the fishing industry will become Maldives' largest foreign exchange earner.
