The Maldives and China have signed an agreement to establish a comprehensive fisheries and maritime logistics hub in Addu City, a significant development aimed at boosting the southern region’s economy and creating new opportunities for local fishermen. The agreement, signed during President Dr. Mohamed Muizzu’s official visit to China for the Shanghai Cooperation Organisation (SCO) summit, marks a key step in modernizing the Maldivian fishing industry.
The Ministry of Fisheries and Ocean Resources highlights Addu City’s strategic location as ideal for expanding fisheries operations. The new hub will modernize existing facilities and enhance maritime logistics services, providing southern atoll fishermen with improved resources and increased earning potential. This initiative is expected to significantly contribute to the overall economic growth of the region.
The collaborative project will involve the development of a detailed master plan, encompassing comprehensive financial and economic feasibility studies. Both parties will also engage in discussions regarding the optimal business model and securing appropriate financing arrangements. The Maldivian government emphasizes the project’s broader goal of revitalizing the southern economy and generating substantial employment opportunities for the local population.
President Muizzu’s visit to China yielded eleven agreements focused on strengthening bilateral cooperation across various sectors. One notable agreement, signed with Hongdong Fishery Corporation, centers on developing the Maldivian mariculture industry. This initiative reflects President Muizzu’s administration’s commitment to prioritizing mariculture as a key component of the nation’s economic strategy, aiming to establish it as a distinct and thriving sector within the Maldivian economy.
The development of the Addu City hub represents a substantial investment in the future of the Maldivian fishing industry. By modernizing infrastructure and improving logistical capabilities, the project promises to empower local fishermen and contribute significantly to the economic prosperity of the southern atolls. The collaboration between the Maldives and China underscores the commitment of both nations to fostering sustainable economic growth and strengthening their bilateral relationship.