MIFCO signs deal with China's SINOMACH to explore Maldivian fish exports to China

State-owned fisheries company MIFCO has signed a memorandum of understanding with Chinese company SINOMACH Hainan Development to explore Maldivian fish exports to China, starting with frozen whole fish.

The agreement was signed on Wednesday, 28 October, at the China-Maldives Investment Cooperation Forum, which was held alongside Maldives Expo 2026. MIFCO Managing Director Mohamed Anas signed for the Maldivian company, and SINOMACH Hainan chief adviser Ou Weiguo signed for the Chinese side.

Under the arrangement, MIFCO would act as the supplier while SINOMACH Hainan looks for market opportunities and buyers in China, according to MIFCO. The two companies will work together on product quality, packaging, logistics and the regulatory requirements for exporting fish to China.

The first phase will focus on market research and setting up trade arrangements. Depending on its findings, the companies will discuss raising export volumes from 2027, MIFCO said.

MIFCO, which buys skipjack tuna from Maldivian fishermen, said the agreement gives it a basis to explore new international markets for Maldivian fisheries products and to expand trade cooperation with China.

What the President said about Maldivian fish in China

Opening the forum, President Dr Mohamed Muizzu said Maldivian premium fisheries products had significant potential in the Chinese market, and invited Chinese enterprises to work with Maldivian businesses on modern processing, supply chains, distribution and market access, the President's Office said in a statement on the forum.

He said the China-Maldives Free Trade Agreement, in force since 1 January 2025, gave Maldivian businesses a stronger platform to reach one of the world's largest markets. Between January 2025 and August 2026, the Maldives imported about USD 440 million worth of goods from China, of which about USD 124 million entered under the agreement, he said.

How far have Maldives fish exports fallen?

The deal comes as Maldives fish exports have dropped sharply this year. Official trade statistics published by the Maldives Monetary Authority, compiled from customs records, show the country exported 23,554 tonnes of fish between January and August, 59% less than a year earlier. Earnings fell to USD 51.7 million from USD 96.5 million.

Thailand remains the largest buyer of Maldivian goods, followed by the United Kingdom, according to the same figures.