The Ministry of Fisheries, Agriculture and Ocean Resources has announced that two local companies are currently leading seaweed revival and cultivation projects as part of efforts to develop mariculture as a separate industry in the Maldives.

The ministry said that Floating Acres and STM are actively investing in seaweed-related initiatives, supporting the expansion of commercial aquaculture in the country.

Floating Acres began a seaweed export project in Baa Fehendhoo last year, with the first shipment exported this year. STM is meanwhile carrying out seaweed cultivation work in Haa Alif Kondey and Kolamaafushi.

The Government has identified five key areas for mariculture development, including Bodu Thiladhummathi, Raa Atoll, Meemu Atoll, Thaa Atoll, and a reef area located about 2 km from Maniyafushi.

The ministry said a new seaweed production project developed with technical assistance from the Food and Agriculture Organization (FAO) has received approval. Discussions are also ongoing with support from the Japanese government for further mariculture-related projects.

Additionally, ministry said that these initiatives are creating employment opportunities in island communities and helping to better utilise marine resources.

A Mariculture Scheme has also been introduced to provide financial assistance to individuals and businesses engaged in aquaculture, allowing for expansion and new investment in the sector.