The project which is being undertaken on a contractor finance basis is set to cost USD 50 million for the upgrade of the Felivaru factory, Dh. Maadheli factory costing between USD 75-100 million, and the GDh. Fiyoaree project to cost an estimated USD 50 to 75 million.
The Edition
In a strategic move towards modernizing its fishing industry, the Maldives Government has taken a significant step by signing a transformative project. This initiative seeks to bolster the capacity for fish processing in two islands of the Maldives.
Under this ambitious project, the Government is set to revolutionize fish processing capabilities across multiple atolls in the Maldives. The existing factory in Lh. Felivaru will undergo extensive upgrades to accommodate an additional 100 tons of fish processing capacity. Simultaneously, a new facility will be established on the island of Dh. Maadheli capable of processing 50 tons of fish. Moreover, plans include the development of a cutting-edge factory in GDh. Atoll Fiyoaree, with a substantial processing capacity of 100 tonnes. This strategic initiative is poised to significantly boost the Maldives' fish export capabilities, fostering a notable surge in revenue for the fishing industry and positioning the nation as a formidable player in the global seafood market.
The project which is being undertaken on a contractor finance basis is set to cost USD 50 million for the upgrade of the Felivaru factory, Dh. Maadheli factory costing between USD 75-100 million, and the GDh. Fiyoaree project to cost an estimated USD 50 to 75 million.
Out of the 128,000 metric tons of fish caught in Maldives, we are exporting 63,000 metric tons as raw, unprocessed fish due to the lack of capacity within the state-owned Maldives Industrial Fisheries Company (MIFCO) - Minister for Fisheries and Ocean Resources Ahmed Shiyam
With strategic investments in upgrading fish processing capabilities across multiple atolls, the Maldives is poised to unlock significant economic potential and reinforce its position as a key player in the global seafood market. By enhancing processing infrastructure in Lh. Felivaru, Dh. Maadheli, and GDh. Fiyoaree, the government is not only addressing the existing capacity constraints but also paving the way for substantial growth in fish exports.
