P. K. Balachandran
New projects will supplement tourism and generate jobs for all skill sets
Maldives, which has been over-dependent on the tourism industry for decades, has begun to realize the risks of over-dependence on one sector and President Mohamed Muizzu is taking a range of steps to correct the missteps of the past.
COVID had hit tourism hard and Maldives had a hard time recovering from it. Therefore, one of the primary goals of President Muizzu government is to diversify the Maldivian economy. His administration is actively working to develop other industries, such as fisheries, agriculture, and renewable energy, an official said.
By fostering growth in these areas, the government hopes to create job opportunities, increase exports, and boost the economy’s resilience against global market fluctuations.
Fisheries
Fisheries has great potential. In 2021, nearly 71% of the animal protein consumed by Maldivians was credited to fish. The demand for fisheries and agricultural products continues to grow not only due to an increasing population, but also due to the increase in tourist arrivals, which total 2 million a year. There is tremendous scope for increasing production for consumption as well export.
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