Fisheries Revenue Set to Double by End of Term: Minister Shiyam

Minister of Fisheries and Ocean Resources Ahmed Shiyam has announced that national income from the fisheries sector will be doubled before the conclusion of the current presidential term.

The Minister shared the ambitious target during an interview marking the 63rd anniversary of Voice of Maldives, outlining the administration's strategy to enhance processing capacity and boost export earnings.

Minister Shiyam noted that previous efforts had fallen short in addressing persistent sector challenges, particularly around revenue generation and processing infrastructure. He pointed out that, despite decades of advocacy for higher-value fish exports, only one major facility, the 50-tonne Felivaru factory, had been developed in the past 40 years. The current administration, he said, is committed to exporting Maldivian fisheries products on a price-neutral basis to ensure fair returns for producers.

Significant investments are underway to expand processing capacity from 50 tonnes to 300 tonnes, with substantial advancements anticipated in 2026. The Minister reaffirmed the goal of increasing annual fisheries revenue from approximately USD 92 million to USD 270–280 million, contingent on favourable market conditions and export enhancements.

A dedicated budget has been allocated for fisheries development in the coming year, prioritising the completion of most cold storage facilities by 2026, with several expected to become operational within the same timeframe. This infrastructure expansion, Minister Shiyam emphasised, is pivotal to meeting revenue targets and bolstering support for fishermen nationwide.

The Minister also acknowledged the enduring collaboration between the fisheries industry and Voice of Maldives, calling the broadcaster "a close friend of fishermen." He highlighted the station's fisheries programming since 1985, which has played a vital role in sharing industry updates and aiding fishing communities.