Stakeholders including Maldivian government delegates, the local tuna industry, financial sector representatives and development partners met in the Maldives as part of a Maldives Tuna Think Tank that aims to advance the country’s Blue Economy by fostering sustainable development and unlocking financing solutions for a uniquely sustainable fishing industry.
The Maldives is home to generations of fishers using a method of pole and line practiced in the archipelago for centuries. Today, a second method of harvesting larger tuna includes single hook and line. Unlike many other types of fishing, these traditional ways leave enough fish to maintain healthy populations. Fishing is fundamental to the country’s economy and one of many aspects of Maldivian life lived in close relationship with the ocean. When the tuna enters competitive international markets, however, its unique sustainability story and associated impact and value is lost, mainly due to low product differentiation and commodity pricing.
The Maldives Tuna Think Tank is a starting point to create a roadmap for the Maldives tuna sector to consolidate Blue Economy efforts, identifying actions needed to secure and further develop the industry at each stage of the tuna value chain. The first step of the Think Tank centered on a two-day workshop where challenges and solutions were explored and discussed, reflecting a shared goal for a comprehensive partnership. It brought together key stakeholders, including delegates from the Maldivian government, fish processing companies, exporters, local and international financial institutions, science and sustainability experts, and development partners such as international impact investors and multilateral organizations.
“This gathering is more than just a celebration of our industry’s success, it is a reminder of the work that lies ahead. We must think beyond the present, act with greater purpose, and seize the full potential of our fisheries sector”, said Minister Ahmed Shiyam, Maldives Ministry of Fisheries and Ocean Resources.
Tuna is a part of daily life in the Maldives, deeply embedded in the island nation’s culture and heritage. Maldivians consume tuna for breakfast, lunch and dinner–from the traditional breakfast ‘mas-huni’ made of tuna and coconut to the fish broth ‘garudhiya’. The small population consumes roughly 10% of its own tuna; the rest is exported.
Located in the central Indian Ocean, the Maldives is heavily reliant on its ocean resources for its economic activity and livelihoods. A sustainably operating tuna sector therefore plays a critical role in enhancing the country’s economic resilience, promoting food security, and ensuring environmental sustainability.
The two main commercial branches of fishing activity are the pole and line fishery for skipjack and yellowfin tuna, alongside the handline fishery for larger yellowfin tuna
These two coastal fisheries contribute around 6% of the GDP while providing 11% of jobs, and accounting for around 90% of exports.
The pole and line skipjack fishery has been certified by the Marine Stewardship Council (MSC) since 2012 and the handline yellowfin fishery has been in a comprehensive Fishery Improvement Project since 2022 (with the aim to become MSC certified). Both of these processes are managed by the Maldives Seafood Processors and Exporters Association (MSPEA) which initiated the event.
The Maldives Tuna Think Tank was established to seek active engagement from stakeholders across the Maldivian tuna value chain, as well as from local and international financial institutions, investors and funders, to initiate the actions and the technical and financial support needed to help the Maldives’ tuna sector adapt to changing markets and Blue Economy landscape.
“A crucial aspect for us is capacity building, in particular among skippers, but also tailored training programs on sustainability, investment readiness, and operational best practices,” says Umar Jamal, President of the Maldives Seafood Processors and Exporters Association.
Creating a roadmap for Blue Economy development in the Maldives
The two-day Maldives Tuna Think Tank workshop, sponsored by the Asian Development Bank (ADB), the United Nations Development Program (UNDP), MSPEA and SustainaSea Blue Economy Advisors, kick-started the development of a new focus and momentum for action. Major opportunities for the Maldivian tuna sector were identified, including:
- enhancing coordination and alignment among key industry stakeholders;
- improving international market access and securing greater value for Maldivian tuna products;
- securing technical expertise and resources for sustainable business operations;
- enabling access to affordable financing;
- increasing local expertise through capacity building.
Participants developed a roadmap detailing concrete action points and a timeline. This included the assignment of specific roles and responsibilities and the establishment of work streams based on a breakdown of the complex challenges. Working groups will provide stepwise deliverables that will guide the implementation of changes and consideration of risk management as a basis for an investment-and-impact-ready business case for the entire Maldivian tuna sector. Key to this process is the inclusion of the Maldivian government, various financial institutions (including risk advisory and de-risking services from the international insurance industry) and potential investors and funders.
The roadmap marks the first step towards consolidating the Maldives tuna sector as a sustainable Blue Economy. Backed by the “Maldives Tuna Think Tank Stakeholders’ Declaration”, participating stakeholders committed to engage and support the action plan outlined during the workshop. This declaration emphasizes the need for collaborative actions to overcome the identified challenges and achieve the joint objectives. It will be used as a guide for implementing emerging activities and cross-sectoral partnerships, and will serve as a tool to unlock required financing.
“The main takeaway from the workshop is the recognition that the significant challenges faced by the Maldivian tuna sector actually present opportunities for innovative Blue Economy financing, so long as the collaboration amongst the industry stakeholders and with the financial sector progresses”, said Thomas Egli, Lead Advisor at SustainaSea Blue Economy Advisors. “Creating an enabling environment at the same time as identifying solutions is what will put the Maldives’ inspiring story at the forefront of sustainable development as a replicable model across the region.”
