Minister of Fisheries and Ocean Resources, Ahmed Shiyam has stressed that government projects will proceed after ensuring environmental considerations are fully assessed.
The minister’s comments follow recent concerns about the government’s decision to include oil and mineral exploration activities in its Special Economic Zones (SEZs).
The minister highlighted the fragile ecosystem surrounding the country and said that development projects will be carried out with these factors considered and given the utmost priority and with considerable caution. Every exploration or development initiative will have to go through rigorous, transparent environmental impact assessments, with no compromises on biodiversity or long-term sustainability, the minister stressed.
The minister noted each action taken by the government will have the utmost consideration towards the nation’s best interest and that the idea behind each undertaking will always to partner with reputable, capable investors.
Minister Shiyam further revealed that President Dr Mohamed Muizzu’s strategic plan to diversify the economy beyond tourism and fisheries reflects a visionary and pragmatic step towards long-term resilience.
Maldives possesses one of the largest exclusive economic zones with around 900,000 square kilometers. Minister Shiyam referred to this fact and said that as of yet the nation has just tapped to the surface of this vast resource through primarily tuna fisheries. Through considerate exploration, the vast marine resources could be tapped to explore new, sustainable economic avenues, he affirmed.
President Dr Mohamed Muizzu’s initiative is a step towards self-sufficiency, Minister Shiyam stated. The minister hopes that this step would make Maldives a pioneering nation that has truly formulated a blue economy, that sets an example to the rest of the world. The minister also highlighted some of the multiplier effects of this initiative, including job creation. He pointed out that such an endeavor would open specialised job opportunities in the field of marine geology, subsea engineering, environmental science and monitoring.
President Dr Mohamed Muizzu has re-established the types of economic activities permitted in the Maldives’ Special Economic Zones (SEZs) and the minimum investment thresholds required through a Presidential Decree. Under the amended framework, strategic investments in SEZs must have a required minimum value of USD 100 million. Nine categories of economic activity have been approved under the USD 100 million threshold, including Gas, oil and mineral exploration activities.