The Maldives Industrial Fisheries Company (MIFCO) has begun preparations to launch direct fish exports from Addu City, addressing long-standing challenges such as limited storage and processing facilities that have historically reduced fishermen’s earnings. The new plan will eliminate the need to transport catches to Huvadhoo Atoll before export, while value-added processing in Addu is expected to begin by year’s end.
Fisheries Minister Ahmed Shiyam has emphasized the need for greater domestic processing, noting that Maldivian fish exported raw fetch higher prices abroad only after being processed in other countries. In response, the government is expanding capacity nationwide, including an additional 100 tonnes each at Felivaru, Nilandhoo, and Fiyoari. Once complete, processing capacity will increase ninefold, alongside a major expansion of cold storage from 8,500 to 25,000 tonnes.
MIFCO is also in discussions to acquire Ensis’s USD 25 million cannery, the country’s largest private facility, which has remained idle since 2023 following fish price hikes. At its peak, the factory employed 400 staff—many of them women—and supplied supermarkets across Europe and the US. Both companies confirm talks are underway to bring the facility under MIFCO to boost productivity and value-added output.
Meanwhile, efforts are being made to improve financial access for local fishermen. In April, the Ministry of Fisheries signed an MoU with the Bank of Maldives (BML) to provide loans through the National Fishermen’s Register. By July, 25 fishermen had secured financing, with personal loans of up to USD 19,455 available without collateral. Repayment terms will, for the first time, reflect seasonal variations in fishing income. Registered fishermen will also gain access to housing-related financing options.
These initiatives highlight the government’s commitment to strengthening the fisheries sector—enhancing processing capacity, boosting exports, supporting fishermen, and positioning the Maldives more competitively in global markets.
