MIFCO signs agreement with China's SINOMACH to expand fish exports

State-owned Maldives Industrial Fisheries Company (MIFCO) has signed a memorandum of understanding (MoU) with China's SINOMACH to explore opportunities for exporting Maldivian fish to the Chinese market.

The agreement was signed on Wednesday during the China-Maldives Investment Cooperation Forum, held at Barceló Nasandhura Malé.

MIFCO Managing Director Mohamed Anas signed the agreement on behalf of the company, while SINOMACH Chief Adviser Ou Weiguo represented the Chinese company.

Under the MoU, the two companies will work together to identify opportunities for Maldivian fish products in China and develop arrangements to facilitate exports.

The cooperation will cover product quality, packaging, logistics and compliance with regulatory requirements for exporting fish to China.

MIFCO will be responsible for supplying Maldivian fish products, while SINOMACH will identify market opportunities and potential buyers in China.

The initial phase of the agreement will focus on market research and establishing trade arrangements.

Based on the findings, the two companies will hold further discussions on increasing fish exports to China from next year.

The agreement is intended to expand market access for Maldivian fisheries products and establish trade links with Chinese buyers.

Maldives currently exports fish to several international markets, including Thailand, European countries, Sri Lanka, Hong Kong, Taiwan and Japan.

The partnership with SINOMACH is expected to support efforts to expand the country's fish export destinations and increase opportunities for Maldivian fisheries products in the Chinese market.