The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, has announced that the Government is preparing to provide significant assistance to small and medium enterprises (SMEs) in the fishing industry.

Speaking in Parliament, in response to a question from Parliament Member for Kendhoo Constituency, Mauroof Zakir, Minister Shiyam acknowledged that private enterprises in the fisheries sector have struggled to achieve significant growth.

He attributed this to past policies that hindered industry expansion, particularly the previous administration’s decision to increase the purchase price of fish from MVR 17 to MVR 25 per kilogram, which placed severe financial strain on fish product manufacturers and pushed many to the brink of bankruptcy.

The Minister explained that the Government’s decision to set fish prices based on the global market has revitalised the industry, allowing private businesses to once again access fish for value-added production. 

To support fisheries-related businesses, Minister Shiyam stated that the Government has allocated USD 8.3 million, with the assistance of the World Bank, to develop fish byproducts. He also revealed that USD 1.8 million has been set aside to support SMEs launching new fish products, with 40 per cent of the project costs covered as free assistance. Additionally, the Ministry is working with Maldives Islamic Bank to provide MVR 18 million in loans from the Ministry’s revolving fund for fish processing and preservation businesses.

Regarding oil subsidy for fishermen, Minister Shiyam clarified that the previous government introduced the subsidy, but it was only made available to vessels operating under a special license, as per the regulations at the time.

The Minister also addressed concerns about increasing reef fishers' income, highlighting a financial facility aimed at supporting businesses involved in fish exports. Through this programme, businesses can access loans of up to MVR 700,000, repayable over ten years at a low interest rate of five per cent, without requiring collateral. He noted that MVR 30 million has already been allocated under the scheme, benefiting 62 individuals who are now receiving financial support to expand and develop reef fishing operations.