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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.
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.
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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