Fisheries Minister says Funaddu fish factory will begin operations in December under a private company

The operation of the fish factory in Th. Funaddu will begin in December, Fisheries Minister Ahmed Shiyam said on Wednesday.

Funaddu was taken over by the government after the island was announced for sale by the Bank of Maldives (BML) due to non-payment of a loan taken by Funaddu Tuna Products Pvt Ltd. The island, formerly used for fish processing, had fallen into disrepair.

During Wednesday’s Parliament sitting, Maavah MP Mohamed Shakir asked why Funaddu still remained non-operational. Responding to the question, Minister Shiyam said the island has been handed over to a private company to bring the factory back into operation. However, he did not disclose the name of the company.

He said the company has assured the government that fish purchasing will begin at Funaddu by Fishermen’s Day in December this year.

Funaddu was originally developed by former Home Minister Ahmed Thasmeen Ali for fish purchasing and export. The island was mortgaged to BML, and the bank announced its sale after the loan was not repaid. The government later bought the factory and transferred it to MIFCO in March 2023.

In 2022, then-Fisheries Minister Dr. Hussain Rasheed Hassan told Parliament that Funaddu was expected to be brought into operation in May 2023. The previous government estimated that at least MVR 157 million would be required to restart operations.

Fish purchasing at Funaddu ceased in 2008.