MIFCO to begin direct fish exports from Addu city next month

State-owned Maldives Industrial Fisheries Company (MIFCO) has announced plans to commence direct fish exports from Addu city within the next month. 

This initiative aims to address long-standing challenges faced by local fishermen, including inadequate cold storage and processing facilities, which have historically led to lower prices for their catches.

MIFCO released a statement Saturday evening outlining ongoing efforts to enhance fish purchasing and storage capacities. The company, in conjunction with the state, is focused on improving value-adding capabilities within the country for purchased fish.

Currently, fish caught in Addu city is often transported to Huvadhoo Atoll before export. The new plan will streamline this process, allowing direct exports from Addu. Additionally, efforts are underway to add value to the fish within Addu city by the end of the year.

Fisheries Minister Ahmed Shiyam highlighted in a November 2024 press conference that Maldivian fish, when exported raw, sells at significantly higher prices in global markets after processing by other countries. He emphasized that the Maldives does not receive a "good price" for its raw fish exports, underscoring the need for increased domestic value addition.

"We know that we are not getting a good price," Shiyam stated. "If we can collect the value of the fish and export it from the Maldives, then we can increase the foreign currency that is being pumped into the Maldives many times."

In response, the government has begun expanding cold storage and establishing new processing facilities across various locations. Key developments include:

• An additional 100 tonnes of processing capacity at Lh. Felivaru

• An additional 100 tonnes of processing capacity at F. Nilandhoo

• An additional 100 tonnes of processing capacity at G.Dh. Fiyoari

Upon completion of these projects, the nation's fish processing capacity is projected to increase ninefold.

The government also aims to establish 25,000 tonnes of cold storage capacity, a significant increase from the current 8,500 tonnes. This strategic investment is expected to bolster the Maldives' position in the global fish market and ensure better returns for its vital fisheries sector.