Maldives Industrial Fisheries Company (MIFCO) has entered into a memorandum of understanding (MoU) with a Chinese firm to investigate prospects for exporting Maldivian fish products to China.

The contract was signed by MIFCO's CEO and MD, Mohamed Anas, and chief adviser Ou Weiguo from SINOMACH Hainan Development Company at a ceremony conducted during the China-Maldives Investment Cooperation Forum.

According to the agreement, both companies will collaborate to pinpoint opportunities in the Chinese market and set up arrangements for the supply of fish products. Their collaboration will encompass product quality, packaging, logistics, and the legal obligations for exporting to China.

MIFCO will serve as the supplier of fish, whereas SINOMACH Hainan will focus on identifying market prospects in China.

In the first phase, both parties will explore methods to boost exports starting next year, considering market analysis and trade agreements.

The firms stated that the pact would enhance trade ties between the Maldives and China by providing access to new global markets for Maldivian seafood products.

The Maldives presently sells fish to markets such as Europe, Thailand, and Mauritius.