Fisheries minister announces concessions for mariculture industry investors

Minister of Fisheries and Ocean Resources Ahmed Shiyam has announced that proposals for mariculture, or sea farming, in the Maldives have been received from both local and international sources. The government aims to position the Maldives as a major player in the regional mariculture sector. Four areas have been identified by the government for the development of the mariculture industry within the Maldives. Speaking on a programme on PSM News, Fisheries Minister Ahmed Shiyam stated that several local and foreign investors have already expressed interest in investing in the Maldivian mariculture industry. The minister noted that President Dr. Mohamed Muizzu envisions the development of the country’s fishing industry. The minister said discussions are already ongoing and there are local investors who are prepared to establish mariculture on a commercial scale in the Maldives, along with foreign investors. He added since a considerable number of proposals are received, it is believed the industry is highly promising industry. The government has decided to grant significant concessions to foreign investors. The land acquisition fee will be waived for land within the four officially designated areas, and no land rent will be charged for the first three years. Additionally, the government has decided to exempt import duty on equipment.