MIFCO signs cooperation deal with China’s Sinomach Hainan to boost Maldives fish exports

The Maldives Industrial Fisheries Company Limited (MIFCO) has signed a Memorandum of Understanding (MoU) with SINOMACH Hainan Development Co., Ltd. to explore opportunities to export Maldivian frozen whole fish to China.

The agreement was signed on October 28^th during the China–Maldives Investment Cooperation Forum by MIFCO Chief Executive Officer and Managing Director Mohamed Anas and SINOMACH Hainan Chief Advisor Ou Weiguo.

The MoU establishes a framework for the two companies to assess market opportunities in China, explore potential supply arrangements, and coordinate on product quality, packaging, logistics and regulatory requirements to facilitate possible exports of Maldivian frozen whole fish to the Chinese market.

Under the proposed cooperation, MIFCO would serve as the prospective supplier, while SINOMACH Hainan would explore potential market opportunities in China. The companies will also assess the possibility of expanding export volumes from 2027 onwards, subject to the outcome of the initial assessment and subsequent commercial arrangements.

The agreement provides MIFCO with an opportunity to explore new international markets for Maldivian fisheries products while strengthening trade cooperation between the Maldives and China.

Sinomach Hainan Development Co., Ltd. is a regional headquarters and wholly-owned subsidiary of the Fortune Global 500 state-owned conglomerate China National Machinery Industry Corporation (Sinomach Group) with a business focus on agricultural imports and exports, international engineering construction, and new energy supply chains under the Hainan Free Trade Port framework.