The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, has announced that all necessary funds to develop the fisheries sector have been secured, and major improvements are expected within the next two years.

According to Minister Shiyam, addressing the concerns of fishermen remains a top priority for the Government. He highlighted key areas of focus, including ensuring prompt payments for fishermen and providing easy access to ice. Efforts are also underway to explore new export markets for various types of fish, as part of a broader strategy to boost the industry’s growth.

Addressing storage capacity, Minister Shiyam noted that the current on-land storage capacity of 4,200 tonnes is inadequate. He outlined plans to expand the total capacity to 25,000 tonnes by integrating storage facilities on both land and boats.

He also emphasised that the development of the fisheries sector will require significant decisions and investments. The Government’s policy to address longstanding issues in the industry is projected to require an investment of MVR 5 billion. However, he noted that this amount does not need to be solely funded by the State. Partnerships with private entities, banks, and other stakeholders have already been established to secure the required funds.

The Government is facilitating loans for fishermen to install saltwater refrigeration systems (RSW) on their vessels, an initiative designed to support them during peak fishing seasons by ensuring better access to ice and enhancing operational efficiency.

Additionally, the Government has introduced sector reforms, including providing fishermen with access to fuel at STO rates, further easing their operational challenges.