The government-owned Maldives Industrial Fisheries Company (MIFCO) increased its fish purchasing price to MVR 25 with effect on Saturday after confirmation of duty-free exports to the UK and Europe.
The company previously bought fish for MVR 17 per kilo. The decision to raise the purchasing price was made after the government confirmed that the EU would cut import duties from Maldivian fish exports, according to MIFCO.
The decision was made after listening to the concerns of fishers, said MIFCO, which has also been trying to increase buying capacity.
The ruling Maldivian Democratic Party (MDP) also proposed the creation of a separate fisheries ministry in its re-election manifesto. Other fisheries policies include familiarizing students with fishing and introducing a special insurance scheme to cover medical treatment and damage from incidents at sea.
The MDP manifesto also includes providing easy access to loans for developing fishing boats and introducing a loan scheme for building fifth-generation boats to modernize the local fleet.
Other policies include:
- Spending a portion of customs revenue on marketing fisheries
- Promoting fisheries as an "adventure sport"
- Creating a label to symbolize the sustainability of Maldivian fisheries and introducing a branding recognized by foreign suppliers
- Facilitating new opportunities for private sector investment in mariculture and aquaculture
Duty exemption for fish exports to the UK and Europe was notably included in the MDP manifesto. Despite efforts during the term and the announcement of various dates, the government was unable to secure duty-free exports.
