Maldives Invests Heavily in Marine AquacultureThe Maldivian government is set to launch an ambitious plan, investing 4.5 billion Maldivian Rufiyaa (about $290 million) in its crucial fishery sector, as announced by Fisheries and Marine Resources Minister Ahmed Shiyam on Saturday. A key pillar of this investment is the development of marine aquaculture as an independent economic sector. The government has started attracting foreign investors for this project and plans to officially open up foreign investment opportunities in July. The Maldivian fishery faces challenges such as a severe lack of storage and processing capacity. About 87% of the country's fish catch is exported in unprocessed raw form, resulting in reduced revenue due to limited demand for such products. The government aims to address these issues by upgrading the country's oldest cannery in Felivaru, increasing its capacity from 50 tons to 100 tons, and building two new canneries in F. Nilandhoo and G Dh. Fiyoari, with the goal of having them operational by the end of 2025.
Article classification:
fishery news
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