Maldivian government has unveiled a MVR 4.5 billion plan to address longstanding challenges in the fishing sector, Fisheries Minister Ahmed Shiyam announced at this year’s Fishermen’s Day celebrations in Raa atoll Dhuvaafaru.

According to the minister, the investment aims to improve the livelihoods of fishing families by expanding fish storage capacity from 9,500 tonnes to 25,000 tonnes across multiple atolls. Planned facilities include:

The capacity of the Felivaru fish factory, which has remained at 50 tonnes for over four decades, will be doubled to 100 tonnes. Additional factories are planned in Faafu Nilandhoo (50 tonnes), Fiyoree (100 tonnes), and Hulhudhoo (50 tonnes).

Minister Shiyam said these expansions could nearly double Maldives’ fish export revenue from USD 92 million to USD 190 million.

The government has also allocated MVR 128 million for producing value-added products from fish byproducts, MVR 27.7 million for small and medium enterprise development, and MVR 30 million to support sport fishing.

For the first time, mariculture zones have been designated in Maldives, Minister Shiyam said.

To improve fish quality and reduce costs, the government plans to install saltwater cooling systems (RSWs) on fishing boats, subsidizing 35 percent of the cost.

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Collaboration with Bank of Maldives will see 200 additional vessels equipped with RSWs. The introduction of new generation vessels with prototype designs is also underway, said the minister.

“We are giving high priority to maintaining fish quality, reducing ice costs for fishermen, and increasing their income,” Minister Shiyam said.

He said that the introduction of "new generation vessels" was a huge aim of President Muizzu and submissions have been opened for "prototype" design as well.