Funding for Fishery Sector Development Secured, Reveals Minister Shiyam

The administration of President Dr Mohamed Muizzu has successfully secured all necessary funding to advance its plans for the fishery sector, Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed. He made the announcement during an interview on PSM News’ ‘Raajje Miadhu’ programme.

The administration’s top priority is to ensure that fishermen are promptly paid upon selling their catch and to address their concerns effectively, he said, adding that “addressing the concerns and challenges facing fishermen is one of the top priorities for President Dr Muizzu.” He highlighted the administration’s commitment to facilitating convenient and easy access to ice for fishermen and identifying new markets for exporting fishery products.

During the interview, Minister Shiyam also discussed the current capacity of cold storage facilities, noting that the existing capacity at fish processing plants is 4,200 metric tonnes, which he described as insufficient. The administration aims to complete the fishery sector development projects within the next one-and-a-half to two years, increasing storage capacity from 8,000 metric tonnes to 25,000 metric tonnes once the new facilities are operational, he added.

The minister also disclosed that the plans to address the concerns of fishermen and develop the fishery sector would require an investment of approximately $324 million. “The government does not need to invest the entire amount; we can achieve this with the support of private entities, financial institutions, and other stakeholders. The President has successfully secured all necessary funding to implement his policies for the development of the fishery sector. The next step is to execute these policies,” Minister Shiyam stated.

In a move to further support the fishery sector, the government recently opened applications for loans to develop Refrigerated Sea Water (RSW) systems on fishing vessels and has already issued loans to several parties. The Dr Muizzu administration remains steadfast in its commitment to ensuring the development and sustainability of the fishery sector, Minister Shiyam added.