The Maldives Industrial Fisheries Company Limited (MIFCO) has revealed that a Free Trade Agreement (FTA) with the United Kingdom (UK) will facilitate further investments in the fisheries sector of the Maldives.
MIFCO has welcomed the announcement by the UK to commence an eight-week call for input in preparation to negotiate an FTA with the Maldives, inviting businesses, organisations, and individuals to help shape the negotiating aims with the Maldives. MIFCO stated such an agreement would provide relief from tariffs imposed on fish exports from the Maldives to the UK and increase revenue from exports of various Maldivian fish products. Therefore, it will increase the income from fishing and facilitate more investments in fisheries.
Chief Executive Officer (CEO) Ismail Fauzee said the initiative is the result of the government's efforts to increase the benefits of the fisheries sector in the Maldives. He also said that MIFCO is grateful for the government's efforts to find permanent solutions to the issues faced in the fisheries sector.
MIFCO plays a leading role in the fisheries sector in the Maldives. As such, the company is making efforts to increase its capacity by acquiring more fish processing vessels and establishing more fish processing facilities in different parts of the country.