President Dr Mohamed Muizzu has announced a series of major policy reforms aimed at strengthening the fisheries sector, including higher fish purchase prices and reduced fuel costs for fishermen, reaffirming the government’s commitment to revitalising one of the Maldives’ most vital economic lifelines.
The announcements were made while the President addressed the official Fishermen’s Day ceremony held Saturday in Dhuvaafaru, Raa Atoll, marking the 45th Fishermen’s Day celebrations.
President Muizzu revealed that the Maldives Industrial Fisheries Company Limited (MIFCO) has revised its fish procurement policy, converting the previous maximum purchase rate of USD 1.03 for fish weighing 1.5 kilograms and above into a new minimum rate. This change enables fishermen to sell their catch at prices higher than the former cap, allowing greater earning potential based on quality and size.
The President also announced reductions in fuel prices for fishing vessels through MIFCO. Fuel prices will be lowered by 3.3 cents per litre for fishing vessels, and by 4.6 cents per litre for vessels landing catches exceeding three tonnes. These reductions are expected to save fishermen approximately USD 65 compared to current fuel costs.
In addition, President Muizzu stated that the government plans to establish State Trading Organisation (STO) fuel skids in every atoll, further improving access to essential supplies for fishermen.
Underscoring the fisheries sector’s deep-rooted connection to Maldivian identity and national prosperity, President Muizzu pledged to restore and strengthen the industry through immediate and long-term reforms. He announced that MIFCO will now offer premium prices for fish weighing one kilogramme or more, lowering the previous eligibility threshold.
The President also outlined ongoing efforts to expand fisheries infrastructure nationwide. Loan facilities for refrigerated seawater (RSW) systems have been extended to an additional 200 recipients, while construction of new fish processing factories is set to begin across the country. Installation of fuel skids at designated locations is progressing, with completion targeted by the end of March.
Looking ahead, President Muizzu announced the introduction of new mechanisms for purchasing bigeye tuna, with operations expected to commence shortly at a developing facility in Hulhumalé. He also outlined a vision for a fully nationalised fisheries workforce, calling on Maldivians to view the sector’s development as a shared national responsibility. Vessel owners employing exclusively Maldivian crews will receive national recognition.
Speaking at the same ceremony, Minister of Fisheries and Ocean Resources Ahmed Shiyam announced that the government will invest USD 291.8 million to address challenges facing the fisheries industry. He emphasised that the administration is prioritising permanent solutions, noting that over USD 58.37 million has already been disbursed to fishermen since last year.
The Minister highlighted the successful fulfilment of the government’s pledge to pay fishermen within 48 hours of fish delivery, as well as the provision of subsidised fuel. He added that a Hulhumalé facility catering to large-scale yellowfin tuna fishermen is nearing completion.
Noting that the Maldives accounts for 50 percent of the global pole-and-line tuna export market and operates some of the world’s most sustainable fisheries, Minister Shiyam said the government aims to expand cold storage capacity from 9,500 tonnes to 25,000 tonnes to strengthen the country’s influence on global fish prices.
He further stated that MIFCO currently purchases 60 percent of locally caught fish, with 80 percent exported raw and the remainder processed into canned products. The government plans to triple fish processing capacity, targeting export revenues of USD 190 million.
According to the Minister, USD 8.3 million will be allocated to diversify the fisheries industry and support small and medium enterprises (SMEs), with 40 percent provided as grants and USD 1.79 million issued as loans.
Additional initiatives include the establishment of mariculture zones for investors, expanded training programmes, installation of RSW systems on all fishing vessels to address ice shortages, and the development of next-generation fishing boats.
During the ceremony, a contract was signed to develop a fishing port with cold storage and a specialised fish purchasing facility in Kandholhudhoo, Raa Atoll—a former fishing island abandoned following the 2004 tsunami. The project forms part of broader efforts to expand fisheries infrastructure, including ice plants and fish processing facilities nationwide.
The event also honoured the late Hassan Sabir, recipient of the Order of Izzuddin, for his lifelong contributions to the fisheries sector. He served as Minister of Fisheries and Agriculture from 1993 and played a key role in shaping the planning and management of Maldivian fisheries.
President Muizzu also presented awards to 32 individuals, companies, fishing vessels, and fishermen in recognition of distinguished service and outstanding contributions to the fisheries sector during 2023 and 2024.
President Dr Mohamed Muizzu and First Lady Sajidha Mohamed undertook a one-day official visit to Dhuvaafaru as part of the administration’s regional development agenda. During the visit, the President inaugurated the practical phases of several development projects and presided over ceremonies marking the completion of key infrastructure initiatives.
The visit coincided with the national observance of Fishermen’s Day, celebrated annually on 10 December, with the President reaffirming the central role of the fisheries sector in sustaining local economies and shaping the nation’s identity. The President and First Lady were accompanied by senior government officials, including cabinet ministers and heads of state institutions.
