The Ministry of Fisheries and Ocean Resources has launched a strategic initiative to lease uninhabited islands, lagoons, and reefs for aquaculture development, 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 independent site surveys, though formal permits are required for island and lagoon inspections. The ministry has clarified that proposal validity is not contingent upon physical site studies, providing flexibility for potential applicants.
Recent amendments to the Aquaculture Regulation, originally introduced in 2020, have significantly expanded the scope of eligible areas. The updated framework now includes lagoons and open ocean territories previously outside island council jurisdictions, broadening investment opportunities.
The leasing rights are open to a diverse range of entities, including Maldivian individuals, sole proprietorships, registered foreign investment companies, and corporate societies. This inclusive approach aims to attract both local and international investment in the aquaculture sector.
This initiative is part of a broader national strategy to transform marine resource management. By attracting private investment, the Maldives seeks to achieve multiple strategic objectives: ensuring long-term food security, expanding export opportunities, and reducing dependence on traditional capture fisheries.
The government’s commitment to sector development is further demonstrated by recent international collaborations. Earlier this month, the Maldives signed a partnership agreement with India’s Department of Fisheries to promote sustainable tuna fisheries and improve marine resource governance across the region.
By opening these strategic marine territories for aquaculture development, the Maldives is positioning itself as a forward-thinking nation committed to sustainable economic growth and innovative marine resource management.
