Maldives Industrial Fisheries Company (MIFCO) has begun preparations to export fish to India and Switzerland.
Fish products are the main exports of the Maldives and fish products worth MVR 95 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.
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.