Maldives to Establish Packing Facility for SME Fish Exporters with Islamic Development Bank Funds

The Ministry of Fisheries and Marine Resources has unveiled plans to establish a packing facility dedicated to small and medium enterprises (SMEs) for fish export. The announcement was made by Director General Dr. Hussain Sinan during an interview on PSM News's "Raajje Miadhu" program.

Dr. Sinan revealed that the new facility will be set up in Hulhumale' and will be funded by the Islamic Development Bank. Discussions are ongoing with the Maldives Industrial Fisheries Company (MIFCO) regarding the operational aspects of the facility.

"Many small and medium enterprises are among the few fish exporters in the country. These businesses currently rely on private fish exporters for their operations," Dr. Sinan stated. The Hulhumale' facility aims to support SMEs by providing them with the necessary infrastructure to handle smaller quantities of fish, which was previously a significant barrier.

The facility is intended to be operated by a stakeholder with less involvement in fish export to ensure broad access. "Those who want to export around 100 or 200 kg do not have that option. We are working with MIFCO to set up such a small packing facility to make this feasible," Dr. Sinan added.

The Maldivian government has been actively pursuing initiatives to enhance the fisheries sector. The marketing company, as part of its strategy, has started its administrative functions and is expected to expand its activities next year with a sufficient budget allocation. Additionally, efforts are underway to develop fish closure and processing factories in three different regions of the country.

These developments underscore the government’s commitment to supporting the fisheries sector and boosting the export capabilities of SMEs, thereby fostering economic growth and sustainability in the industry.