MIFCO and MSS Partner to Streamline Fish Exports

MV+ News Desk | October 15, 2024
Photo: MIFCO

The Maldives Industrial Fisheries Company (MIFCO) has signed an agreement with Maldives State Shipping (MSS) to facilitate the export of fish and fish products to various international markets. 

The agreement was formalised yesterday, with MIFCO’s Chief Financial Officer, Ilyas Haneef, and MSS’s Managing Director, Ahmed Shareef, signing on behalf of their respective organisations.

At the signing ceremony, Shareef highlighted that the collaboration aligns with directives from President Dr. Mohamed Muizzu and State Trading Organisation (STO) Managing Director, Shimadh Ibrahim. He emphasised that MSS has the capacity to transport MIFCO’s products to global markets and is committed to enhancing its resources to meet future demands.

“The priority for MSS will be to ensure the efficient delivery of MIFCO’s fish products to the specified markets while maintaining quality standards,” said Shareef. He noted that prior to this agreement, MIFCO’s export operations relied on rented vessels, which involved significant expenses in foreign currency. By using MSS vessels, these payments will now benefit the state shipping company, strengthening domestic financial circulation.

Haneef, CFO of MIFCO, remarked that the partnership would reduce the costs associated with exporting fish and open new market opportunities. This move, he added, marks a significant reform in MIFCO’s export framework.

Under the agreement, five MSS vessels will support export operations. These include a vessel with a 1,110-container capacity, two vessels with 600-container capacities, and a smaller vessel with an 80-100 container capacity for transport between Male’ and Kooddoo.

This collaboration is expected to enhance the Maldives’ position in the global seafood market by streamlining logistics and reducing operational costs.

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