Maldives to Increase Duty on Imported Seafood, Boost Local Fish Processing

In a recent interview with state media PSM, Maldives Fisheries and Marine Resources Minister Ahmed Shiyam declared that the current policy of importing fish at low duties will soon be revised. The minister emphasized that this approach does not align with the policies of President Mohammed Muizzu's administration.

Minister Shiyam particularly highlighted the issue of black skipjack tuna being imported at minimal duty rates. He assured that measures are being taken to find a solution and raise the duty on black skipjack tuna imports. This issue has also been a topic of discussion in parliament, where the need for higher duties on imported fish has been addressed.

Furthermore, Minister Shiyam committed to halting the export of fish at low prices. He announced plans to significantly enhance the Maldives' fish processing capabilities, aiming to triple the current capacity. This expansion will ensure that 95 percent of the fish caught locally will be processed domestically, effectively putting an end to the export of raw fish.

The minister also outlined a broader vision to strengthen the Maldives' fisheries sector through international trade agreements. By establishing new partnerships with multiple countries, the government aims to bolster the industry and create more robust trade links on a global scale.

The fisheries sector is a cornerstone of the Maldivian economy, contributing significantly to both GDP and employment. The government's initiatives to increase local fish processing and adjust import duties are expected to add substantial value to the sector, improving both its economic impact and sustainability.

In addition to these measures, the Maldives is focusing on sustainable fishing practices to ensure long-term viability. Efforts are being made to implement more environmentally friendly fishing methods and enhance the regulatory framework governing the industry.

As the Maldives continues to develop its fisheries sector, these strategic changes are poised to generate significant economic benefits and reinforce the country's standing as a major player in the global seafood market. The government's proactive stance on adjusting import duties and boosting local processing capacity reflects a commitment to both economic growth and sustainable resource management.