MIFCO Signs Major Deals with China's CMEC to Boost Fisheries Storage and Exports

The Maldives Industrial Fisheries Company (MIFCO) has signed three agreements with China Machinery Engineering Corporation (CMEC), a major Chinese state-owned enterprise, to significantly upgrade the nation's fisheries infrastructure and export capacity. The Memoranda of Understanding (MoUs) were formalized at a ceremony hosted by the Ministry of Agriculture and Animal Welfare. The core objective is to expand cold storage and processing facilities across multiple atolls, addressing a critical bottleneck in the supply chain. Key projects outlined in the agreements include the construction of a new cold storage and blast freezing facility in Hirilandhoo, Thaa Atoll, and the expansion of fish procurement and storage infrastructure in Thinadhoo, Gaafu Dhaalu Atoll. The plans also involve increasing the capacity of the Addu Fisheries Complex and establishing a new fish processing and export factory. The Ministry stated that partnering with a large international corporation like CMEC will support sustainable fisheries development in the Maldives. A central goal is to increase exports of value-added fish products, moving beyond the export of raw or minimally processed catch to capture more economic value for the country. This expansion of cold chain infrastructure is expected to reduce post-harvest losses, improve the quality of exports, and provide greater market stability for Maldivian fishermen. The developments align with broader national efforts to strengthen the fisheries sector, a cornerstone of the Maldivian economy.