The Ministry of Fisheries and Ocean Resources has launched a strategic initiative to lease uninhabited islands, lagoons, and reefs, signaling a significant step toward diversifying the country’s marine industries and enhancing national economic potential.
The comprehensive tender offers a 21-year lease period for selected sites, with potential extensions up to a maximum of 50 years under existing regulations. Interested parties must submit their proposals by 1 p.m. on 6 November, presenting a unique opportunity for investors and aquaculture developers.
Prospective bidders are strongly encouraged to conduct thorough site surveys, though the ministry has clarified that obtaining a formal permit for site visits is mandatory. Importantly, proposals will remain valid even if a physical inspection is not completed, providing flexibility for potential applicants.
The tender represents a significant evolution in the country’s aquaculture policy, stemming from recent amendments to the Aquaculture Regulation introduced in 2020. These updates have expanded eligible areas to include previously restricted lagoons and open ocean territories not under island council jurisdiction.
Notably, the leasing rights are now open to a diverse range of applicants, including:
• Maldivian individuals
• Sole proprietorships
• Registered foreign investment companies
• Corporate societies
This strategic move reflects a broader national vision to attract private investment in aquaculture, an industry considered crucial for multiple national objectives. The initiative aims to address key economic and food security challenges by:
• Ensuring long-term food security
• Expanding export opportunities
• Reducing dependence on traditional capture fisheries
The tender builds upon recent international collaborations, including a partnership signed earlier this month with India’s Department of Fisheries. This agreement focuses on promoting sustainable tuna fisheries and improving marine resource governance across the region, demonstrating the Maldives’ commitment to innovative marine resource management.
By opening these previously unavailable marine territories to development, the government is creating a robust framework for sustainable aquaculture growth. The initiative represents a forward-thinking approach to economic diversification, positioning the Maldives as a progressive leader in marine resource utilization.
Interested parties are advised to review the full tender documentation carefully and prepare comprehensive proposals that align with the ministry’s sustainable development objectives.
