A consultative meeting organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) tackled (i) investment potential in the seafood sector of India and Maldives, and (ii) opportunities to synergize their seafood industries. In September, a cargo ferry service was launched connecting Tuticorin and Kochi ports in India with Kulhudhufushi and Male ports in Maldives. This improved connectivity is helping boost bilateral trade and economic activity, including raising the potential to grow the seafood trade between the two countries. Mr. Fayyaz Ismail, Minister of Economic Development of the Government of Maldives, Mr. Sunjay Sudhir, Indian High Commissioner to Maldives, and Ms. M. Beena, Chairperson of the Cochin Port Trust participated in the meeting, along with seafood industry experts from India and Maldives.

Mr. Ismail remarked how the ferry service is a critical enabler in accelerating India and Maldives' export/import trade relations. He emphasized the significant economic and social potential investing in the fisheries sector could bring. With India and Maldives' cordial relationship, there is strong potential for fruitful, productive, and strong business relations, according to the Economic Development Minister.

The Indian High Commission echoed how the cargo vessel is helping facilitate increased trade and cross-border investments for both countries, particularly for the seafood industry. Mr. Sudhir recommended that seafood exporters from India tap the immense potential of raw seafood available in Maldives to be reprocessed in India with value addition.

Significant capabilities in seafood processing could hold the gateway for seafood imports from Maldives. Reduced transshipment time could enable re-exportation to European markets, noted Ms. Beena. The Kochi Port is connected to European markets.

'India and Maldives should tap business potential in seafood trade'

Maldives, India discuss promotion of seafood exports