Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan has stated that it would be unprofitable to begin operations at the fish processing plant in Hoandedhdhoo, Gaafu Dhaalu Atoll, due to the current price of fish in the market. The plant is managed by Horizon Fisheries Private Limited.
Responding to questions at the Parliament of the Maldives, Minister Hassan said that the land lease for the fish processing plant is being paid but that it would be unprofitable to begin operations at this time. He cited the company officials as saying that it would require USD5-6 million to begin operations and that it is currently unfeasible to spend the amount to process and export fish using the plant.
Furthermore, Minister Hassan said the government is unwilling to force any company to conduct unprofitable businesses, noting that while the current lowest price of fish in the Maldives is USD0.85 per kilogram, Maldives Industrial Fisheries Company Limited (MIFCO) is purchasing a kilogram of fish at USD1.11. He said that officials of Horizon Fisheries find it unprofitable to purchase fish at this rate.
Horizon Fisheries was issued 13.5 hectares of land in Hoandedhdhoo 17 years ago. The residents of the island have expressed concern over the halt in the development of the land, which prevents them from receiving any benefit.