Ministry of Fisheries and Ocean Resources has announced that preparations are underway for the construction of a fish canning factory capable of processing 100 tonnes of fish per day.
Speaking to PSM News, Minister of State for Ministry of Fisheries and Ocean Resources Mohamed Muthalib revealed the government's objective to enhance the value-added fish processing industry in the Maldives. He disclosed ongoing efforts to establish a canning facility with a daily capacity of 100 tonnes, alongside the implementation of cold storage facilities across various locations.
Additionally, Muthalib outlined the government's target to export all Maldivian fish production within the next four years, emphasising the current momentum towards achieving the goal. Despite acknowledging the slow progress of numerous fishing industry projects, he assured that government-initiated endeavors would be completed within two years. He also said that collaborative efforts with the Maldives Industrial Fisheries Company Limited (MIFCO) are also underway to ensure fishermen receive sectoral benefits.
The government is striving to bolster the fishing sector's development and enhance its profitability. A significant challenge facing the sector is the inability to regulate fish prices domestically, leading to the exportation of raw fish to foreign markets where value is added. This practice results in substantial income losses for the Maldives from its fishing sector.
To address the issue and capitalise on fisheries products' potential in the global market, the government has established the Maldives Fisheries and Ocean Resources Marketing and Promotion Limited. The newly formed company aims to elevate the profitability of Maldivian fisheries products on the international stage, thereby fostering economic growth within the sector.