MIFCO to Boost Export Capacity with 3,000 Metric Ton Vessel

The Maldives Industrial Fisheries Company (MIFCO) is enhancing its export capabilities by bringing in a large foreign fishing vessel with a capacity of 3,000 metric tons. The vessel is scheduled to arrive in the Maldives this month and will initially dock at Kooddoo. This strategic move coincides with the peak of the fishing season.

MIFCO aims to address capacity limitations faced by Maldivian fishermen and expand export opportunities to the European market.

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MIFCO General Manager, Muaz Ali, highlighted the company’s efforts to establish high-value foreign markets for Maldivian fish. This includes facilitating on-site quality testing by foreign companies in the Maldives to minimize the risk of rejected shipments and potential insurance claims.

The incoming vessel will facilitate its first export shipment to a European market this month, with buyers conducting quality assessments at Kooddoo Port. This marks a significant step in the government’s initiative to transform MIFCO into a profitable enterprise and address the challenge of underpricing Maldivian fish in foreign markets.

Muaz Ali emphasized the exceptional quality and sustainability of Maldivian fish products. MIFCO’s focus on maintaining quality standards and targeting premium markets aligns with the government’s goal of securing higher returns for the nation’s fishing industry.

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