Minister: Fixing tuna price above MVR 20 only possible once new cold storage facilities operationalized

Fisheries Minister Ahmed Shiyam states that maintaining the purchase price for skipjack tuna above MVR 20 per kilo will only be possible once the ongoing cold storage projects are complete, and the facilities are operationalized.

Fixing the purchase price for skipjack tuna at MVR 20 per kilo was a pledge President Dr. Mohamed Muizzu made during his 2023 campaign.

Speaking to reporters on Wednesday morning, Shiyam reiterated the administration’s goal to maintain the purchase rate above MVR 20.

But he said that the realization of this goal depends on the operationalization of new cold storage facilities currently being developed across the country.

“Our goal is to maintain the rate so it does not slip below MVR 20. This will be possible once all cold storages in progress under the current process are developed and operationalized. This will increase the processing capacity and the work on canneries can also be carried out at a fast pace,” he said.

Shiyam said that once the country is able to expand its fish processing capacity, it will be able to store fish instead of having to export everything during good fishing spells, helping stabilize prices even through dry spells.

Shiyam said that the Maldives Industrial Fisheries Company (MIFCO) disbursed MVR 1.1 billion in dues to fishing vessels by June, under the administration’s policy to clear pending payments within 48 hours.

He said that MIFCO had MVR 250 million in payments to fishermen due when the incumbent administration took office in 2023. He said that President Muizzu had treated clearing this backlog as a matter of top priority, and has been clearing all dues within 48 hours since December 2024.

Shiyam also slammed former administrations for failing to make key investments needed by the fisheries sector.

He said that the incumbent administration aims to make revolutionary changes to the fisheries sector, and ensure its development and sustainability.