MIFCO signs deal with Chinese firm to export Maldivian fish to China market

The Maldives Industrial Fisheries Company Limited (MIFCO) has signed a memorandum of understanding with a Chinese company to facilitate the export of Maldivian marine fish to the Chinese market. The agreement was signed with Sino-Mech Hainan Development Company during the China-Maldives Investment Cooperation Forum. CEO Mohamed Anas signed on behalf of MIFCO, while O Weiguo, Chief Advisor of Sino-Mech Hainan Development Company, signed for the Chinese side. MIFCO stated that under the MoU, both companies will collaborate to seize opportunities in the Chinese market and arrange fish supply to the country. The agreement covers production standards, fishing bans, logistics, and legal requirements necessary for exporting fish to China. While MIFCO acts as a fish supplier, Sino-Mech Hainan Development Company is responsible for finding market opportunities in China. In the first phase, the two parties will consult on increasing export volumes starting next year, based on research and business arrangements. MIFCO described the memorandum as a crucial opportunity to open up international markets for Maldives' fishery products and to strengthen trade relations between the Maldives and China. Maldives currently exports fish to Europe, Thailand, and Mauritius.