Shiyam: Chinese companies have the opportunity to invest in mariculture

Fisheries Minister Ahmed Shiyam states the government prioritizes the development of the mariculture sector and in this trajectory, Chinese companies interested in investing in this sector have the opportunity to do.

He made the remark during a meeting with the Chairman of China International Development Cooperation Agency (CIDCA) Luo Zhaohui.

During the meeting, Minister Shiyam said Maldives-China relations are based upon strong foundations of sovereign equality and mutual respect as the nation marks over 50 years since the establishment of diplomatic relations. He added that President Dr. Mohamed Muizzu’s state visit to China in January of this year had further strengthened Maldives-China relations.

Briefing regarding efforts underway in the fisheries sector, Minister Shiyam conveyed the government’s vision to increase Maldives’ fish processing capacity to increase revenue earned from the sector. He detailed that while Maldives exports approximately 65,000 tons of raw fish to the world markets at present, they are processed abroad.

Speaking further, Minister Siyam underscored that pole-and-line fisheries practiced in the Maldives as the most environment-friendly sustainable type of fisheries in the world with efforts underway to further develop the type of fisheries. He noted that cooperation rendered under the MoUs signed during President Muizzzu’s visit helped achieve further improvements in this trajectory by bringing in new investments and partnerships with Chinese investors.

This includes the project to develop fish processing factories across Maldives which was contracted to China’s Dongfang Electric Corporation, he said, adding Maldives would have doubled its fish canning capacity by thrice at the completion of the project.

Minister Shiyam also stressed the importance of Chinese investments in developing Maldives’ mariculture sector. While there are opportunities to invest, the Minister detailed that the Maldives required assistance for the sector in terms of technology transfer, capacity building and training.