MIFCO and China's CMEC Sign MoUs to Expand Fisheries Infrastructure and Exports

The Maldives Industrial Fisheries Company (MIFCO) has entered into a strategic partnership with China Machinery Engineering Corporation (CMEC) through three Memoranda of Understanding, signed at a ceremony held at the Ministry of Agriculture and Animal Welfare. The agreements aim to significantly enhance fisheries infrastructure and boost export capacity across key atolls. The MoUs outline specific projects, including the establishment of a cold storage and blast freezing facility in Hirilandhoo, Thaa Atoll, and the expansion of fish procurement and storage operations in Thinadhoo, Gaafu Dhaalu Atoll. Additionally, the Addu Fisheries Complex will see increased capacity for procuring and storing fish, alongside the creation of a new fish processing and export factory. This collaboration with CMEC, one of China's largest companies, is expected to support sustainable fisheries development in the Maldives. By improving cold storage capabilities, the initiative aims to reduce post-harvest losses and maintain fish quality, enabling more value-added exports such as processed and packaged products. This shift can increase revenue and create skilled employment opportunities within the country. Fisheries remain a cornerstone of the Maldivian economy, vital for livelihoods in island communities. The ministry highlighted that the partnership will strengthen MIFCO's role in the industry and contribute to long-term growth in fish exports, aligning with national goals for economic diversification. As these projects progress, they are poised to transform local operations and enhance the sector's global competitiveness.