Maldives Industrial Fisheries Company (MIFCO) has begun preparations to export fish to Switzerland and India.
Fish products are the main exports of the Maldives and fish products worth USD6.3 million were exported in August alone. MIFCO has been working to expand the export of Maldivian products to more markets.
Speaking to PSM News, Chief Executive Officer (CEO) Ismail Fauzee said MIFCO is exploring various markets including Switzerland and India, and that the company could explore further markets such as the Middle East and European countries with duty exemptions. He noted most of the products are exported to Europe but that the Indian market shows great potential.
The Maldives has received duty-free status on fish exports to India. The discussion to remove the duty on Maldivian fish exports was held during President Ibrahim Mohamed Solih’s trip to India in August. The decision was made after discussions held between the Government of the Maldives and the members of the South Asian Free Trade Area (SAFTA).
Minister of Economic Development Fayyaz Ismail has said that receiving duty-free status under SAFTA was a major accomplishment that will allow Maldivian fish products to be marketed in India. He said that President Solih’s discussions during his trip to India have paved the way for MIFCO and private companies to expand their businesses.
Additionally, MIFCO stated that receiving duty-free status will provide more opportunities for Maldivian fish products to be sold in India. Ministry of Fisheries, Marine Resources and Agriculture has stated that MIFCO incurs a loss of USD281 million due to tariffs and that it was the biggest obstacle in providing higher rates to fishermen. The company has expanded fish exports to new markets in the past three years, including Vietnam, North America, Mauritius, France, and Germany.