The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, has announced that fishermen who had left the industry due to delayed payments are now returning, as the Government has ensured payments are made within 48 hours of weighing their catch.

Speaking on MMTV Bodu Khabaru programme, Minister Shiyam stated that the swift payment system has restored confidence among fishermen, leading to more boats returning to fishing and an increase in overall fish stocks due to greater participation.

The Minister also noted that income from fishing is now circulating more effectively within communities, further strengthening the industry. The Felivaru fish factory, however, still operates at the same 50-tonne capacity it had 47 years ago, highlighting the need for expansion. The Government has committed to increasing this capacity to 300 tonnes, a move Minister Shiyam described as a revolutionary change for the sector.

Addressing past challenges by previous administrations, the Minister assured that the current Government is taking steps to reverse these setbacks by providing more facilities and opportunities for fishermen.

Minister Shiyam also explained the decision to end Government subsidies that previously benefited foreign companies buying fish from Maldives Industrial Fishing Company (MIFCO). Instead, the focus is on making MIFCO financially independent and opening the sector to foreign investment, ensuring that fish prices in the Maldives align with global market rates. He noted that since abolishing the subsidy, companies that had stopped purchasing fish have resumed operations, bringing renewed energy to the industry.

The Minister further emphasised that all stakeholders agree the best way to secure higher prices for fish is through processing and exporting value-added products. With the Felivaru expansion and structural reforms, the Government is committed to transforming the Maldivian fishing industry into a more profitable and sustainable sector.