Fifth generation fishing vessels will improve fisheries income: Economic Minister

Minister of Economic Development Fayyaz Ismail has stated the introduction of fifth generation fishing vessels will improve the income from the fisheries industry.

The economic minister made the remarks while speaking at the ceremony held to sign the contract with Precision Marine Private Limited for the design of fifth generation fishing vessels. The project is an initiative of the economic ministry, undertaken in collaboration with Ministry of Fisheries, Marine Resources and Agriculture and SME Development Finance Corporation (SDFC).

Speaking at the ceremony, Economic Minister Fayyaz noted fishermen regularly raise concerns on the difficulties they face in selling their catch and getting a good price for it. The minister said discussions were held among all relevant authorities on ways to ensure local fishermen are paid well for their catch, by improving the quality of fish caught. He said the new fifth generation fishing vessels will include facilities to store and preserve their catch, allowing a quality product to be sold and maximising the profits for local fishermen.

Speaking at the ceremony, Fisheries Minister Dr. Hussain Rasheed Hassan said the introduction of fifth generation fishing vessels is an important project for the future of the Maldivian fisheries sector. He noted the new vessels will reduce the expenditure involved in fishing, and eliminate the race among vessels to get their catch weighed and sold.

The fisheries sector is one of the priority sectors of SDFC in promoting economic diversification. The corporation has provided over USD 14 million in loans for businesses in the fisheries sector.