President Dr Mohamed Muizzu has reiterated that the government’s immediate objective is to maintain the fish purchasing rate at MVR 20 per kilogram, while expressing the administration’s long-term ambition to increase the price further.
Speaking during the second episode of the ‘The Pulse’ podcast on Friday, the President outlined the government’s priorities for the fisheries sector amid continued concerns from fishermen over the implementation of the pledge to maintain the MVR 20 purchase rate.
The President said the government remains committed to sustaining the rate through the state-owned Maldives Industrial Fisheries Company (MIFCO). He added that the administration ultimately aims to raise the purchase price beyond the current level.
He also highlighted efforts to strengthen export opportunities for the fisheries sector. The President expressed hope that the United Kingdom’s suspension of tariffs on Maldivian fish products would become permanent and said the government was actively working towards that goal.
Addressing concerns from yellowfin tuna fishermen, the President said MIFCO’s return to the yellowfin tuna market was important to securing better prices for producers and improving conditions within the sector.
The President also commented on labour shortages in the fisheries industry, stating that the number of people working in the sector had declined as employment opportunities expanded within state-owned enterprises and other areas of the public sector. He said the government plans to introduce measures aimed at encouraging more people to return to fishing.
The fisheries sector has remained a key area of public debate since the change in government. During the previous administration, the fish purchase price was increased from MVR 17 to MVR 25 per kilogram in September 2023 as part of the presidential election campaign. However, the current administration reduced the rate to MVR 20 in February 2024.
On 1 May 2024, MIFCO introduced a market-based pricing mechanism, stating that maintaining a fixed purchase price of MVR 20 regardless of changes in international market conditions was financially unsustainable for its processing and export operations.
Since the introduction of the market-based system, the average purchase price for fish weighing more than 1.5 kilograms has generally remained around MVR 16 per kilogram, according to figures released by the company.
