President Muizzu Aims to Maintain Fish Purchase Price at USD 1.30 per Kilogram

President Dr Mohamed Muizzu has announced the government's commitment to maintaining the fish purchase price at USD 1.30 per kilogram, a move aimed at stabilizing incomes for fishers across the archipelago. Speaking during the second episode of 'The Pulse' podcast series released on Friday, the President detailed the administration's strategy to bolster the fisheries sector. He noted that the current pricing level was made possible through significant reforms in the capacity and management of the Maldives Industrial Fisheries Company (MIFCO), the state-owned entity responsible for the bulk of the nation's fish procurement. President Muizzu highlighted that the government is prioritizing the expansion of fish storage facilities and the development of value-added processing plants. These initiatives are designed to reduce waste and increase the market value of Maldivian exports, ensuring the industry remains resilient against global market fluctuations. On the international front, the President emphasized the importance of the United Kingdom’s tariff concessions on Maldivian fish exports. He expressed hope that these favorable trade terms will continue and confirmed that the government is actively working to maintain these agreements to protect the competitiveness of local exports in European markets. Addressing the broader economic landscape, the President stated that the administration is implementing a comprehensive economic policy to address systemic challenges. This includes the restructuring and streamlining of state-owned enterprises, which he believes will create a ripple effect of growth across the wider economy, particularly for those operating in the fisheries sector. By increasing participation in the industry and improving infrastructure, the government aims to ensure that the fisheries sector—the backbone of the Maldivian economy—remains sustainable and profitable for local communities.