China Machinery Engineering Corporation (CMEC) has signed an agreement to establish a fisheries and maritime logistics hub in Addu City.
The agreement was signed on the sidelines of President Dr Mohamed Muizzu’s official visit to China, undertaken at the special invitation of Chinese President Xi Jinping to attend the annual summit of the Shanghai Cooperation Organisation (SCO).
The Ministry of Fisheries and Ocean Resources said the project will support the economic development of the Maldives and open new opportunities for the fisheries industry in the south. Addu City’s location makes it one of the most suitable areas for the development of the fishing industry, the Ministry said.
According to the Ministry, the project’s main objective is to expand and modernise fisheries facilities and maritime logistics services in Addu City. These developments are expected to provide greater resources for fishermen of the southern atolls and boost their income from fishing.
Under the agreement, both parties have agreed to work together on a detailed master plan, financial and economic feasibility studies for the project, as well as hold discussions on the business model and financing options. The Ministry said the government's aim is to revitalise the southern economy and create new opportunities.
During the visit, the President signed 11 key agreements to further strengthen relations between the Maldives and China in various fields. These included an agreement with Hongdong Fishery Corporation, a leading Chinese fisheries company, to develop the mariculture industry in the Maldives to a modern level and promote it as a separate sector.
President Muizzu has prioritised the development of the mariculture industry as part of his administration’s economic strategy.