In a move aimed at bolstering the Maldives’ fishing sector, the government has amended regulations to allow the lease of lagoons and offshore sea areas for aquaculture purposes. This significant policy shift marks a strategic effort to diversify the country’s economy and promote sustainable fisheries development.
Previously, aquaculture activities in the Maldives were limited to uninhabited islands under the Uninhabited Islands Act. However, the recent changes, introduced through amendments to the 2020 Aquaculture Regulations by the Ministry of Fisheries and Ocean Resources, now pave the way for broader utilization of marine spaces.
Under the revised rules, Maldivian citizens, private enterprises, foreign investment companies, and corporate societies registered in the country can now lease lagoons and offshore sea areas for aquaculture projects. These leases, however, come with specific conditions: the projects must demonstrate clear economic and public benefits, applicants must show financial and technical capability, and the chosen site must be environmentally suitable for the proposed operations.
The amendment also introduces a structured rent system. For uninhabited islands used for aquaculture, the minimum land rent is set at 10 Laari per square feet per annum. In contrast, the rent for lagoon and offshore areas is set at a lower rate of 5 Laari per square feet per annum. To further incentivize investment, the Ministry now has the discretion to exempt leaseholders from paying rent for the first 36 months of their agreement.
Commenting on the policy change, Mohamed Aslam, the Minister of Fisheries and Ocean Resources, said, “This amendment is a significant step forward in our efforts to strengthen the fishing sector and promote sustainable aquaculture in the Maldives. By unlocking access to lagoons and offshore areas, we are creating new opportunities for investment, employment, and food security.”
The policy shift reflects the government’s broader strategy to diversify the Maldivian economy and reduce reliance on traditional industries, such as tourism. Aquaculture is seen as a key driver for enhancing food security, generating employment, and reducing pressure on wild fish stocks.
According to industry experts, the new regulations could pave the way for a surge in aquaculture investment in the Maldives, attracting both domestic and international players. The lower rental rates and rent-free periods are expected to incentivize projects, while the environmental and capability requirements aim to ensure sustainable and responsible development.
The Maldives, known for its pristine marine environment and diverse aquatic life, is well-positioned to capitalize on the growing global demand for seafood. With these policy changes, the country is poised to become a hub for innovative and eco-friendly aquaculture practices, further strengthening its position as a leading tourism and fishing destination in the Indian Ocean region.
About the Maldives: The Maldives is an archipelago of 1,192 coral islands grouped into 26 atolls in the Indian Ocean, located southwest of Sri Lanka and India. It is a popular tourist destination known for its beautiful beaches, turquoise waters, and luxurious resorts. The country’s economy is heavily dependent on tourism and fishing, with the fishing industry playing a crucial role in the local economy and food security.
Contact: For media inquiries, please contact the Ministry of Fisheries and Ocean Resources at media@fisheries.gov.mv or visit the official website at www.fisheries.gov.mv.