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Fisheries Sector
in the Maldives
Fishing provides the livelihood for
many people in the Maldives. Fisheries
sector is the second largest industry
in the Maldives. It has an indirect link
to tourism sector as resorts demand a
constant supply of fish for their guest
and employees.
Fishing in Maldives is still practiced
using traditional techniques. Pole and
lines are used for catching fish. This
is believed to be a more sustainable and
dolphin friendly method. Fisheries sector
provides most of the employment for dispersed
island communities. Most of the fishing
boats are owned by local boat owners.
Fishing is still largely practiced as
a family business.
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Fishing still
is the main income earner for most
Maldivian families |
In fisheries sector fish processing and
exporting to other countries is a vital
part where large investment is required.
Till 2000 government of Maldives had a
tight control on the sector only MIFCO
the government owned company was allowed
to invest in fish processing and buying
of fresh fish at large scale for export.
Since the sector was open for private
investments few companies have started
investing in this sector. Ministry of
Fisheries, Agriculture and Marine Resources
have separated the country into four different
fishing zones. Ten year licences are been
issued to the companies which had invested
in these sector. At present the investment
is mostly owned by local companies.
Yellow fin tuna fishery in exclusive
economic zone of the country is open to
foreign companies. Many foreign vessels
under a licence, fish in the Maldivian
water. Fisheries industry is a potential
sector which can be explored for business
ventures.
If you need specific
advice please submit your queries through
our contact
us form.
The
Fisheries Act 1987
The Fisheries Act is called the “The
Fisheries Law of Maldives”. This
Act is the basis for formulation of fisheries
regulations and fisheries management and
development in the Maldives.
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