Minister of Fisheries and Ocean Resources Ahmed Shiyam said on Wednesday that the designation of undersea mining as a permitted economic activity under the Special Economic Zone (SEZ) Act would benefit the economy and be carried out with minimal environmental impact.
He made the statement in a post on X in response to remarks by former environment minister Aminath Shauna, who said the sanctioning of undersea mining was a cause for concern and would negatively affect the environment and the tourism sector.
Shiyam said President Mohamed Muizzu’s policy to expand the economy beyond tourism and fisheries is an important step for the country’s economic future. He said the move is necessary to reduce economic vulnerability amid geopolitical pressures and global shocks, and to lay a strong foundation for sustainable growth.
On Tuesday, President Muizzu amended the list of projects requiring a minimum investment of $100 million under the SEZ Act, adding gas, oil, and mineral exploration as permitted economic activities. According to the minister, the initiative would be pursued in collaboration with credible and experienced investors.
He added that the Maldives’ special economic zones are large by international standards, but so far economic benefits from the country’s roughly 900,000 square kilometres of ocean territory have been largely limited to fisheries.
“This is only a small portion of the opportunities available to us. Careful exploration and development of these ocean resources will open new economic doors,” Shiyam said. “From an economic standpoint, this will create opportunities for innovation and position the country as a hub for the blue economy. Maldivians can secure better jobs in marine geology, subsea engineering, environmental science, and related fields, while further developing their skills and expertise.”
Acknowledging the Maldives’ vulnerability to climate change, Shiyam said such projects would be undertaken with safeguards to protect the environment and only after necessary scientific assessments are carried out. He said there would be no compromise when it comes to biodiversity or environmental sustainability.
He said significant work remains for the country to strengthen its economy, improve self-reliance, and secure long-term economic resilience.