President Dr. Mohamed Muizzu Pledges Robust Fisheries Revival Amid Economic Challenges

President Outlines Comprehensive Strategy to Strengthen Sector

President Dr Mohamed Muizzu has reaffirmed the government's commitment to reviving the fisheries sector from the economic crisis inherited by the current administration, stating that no party stands to benefit from obstructing the fulfilment of pledges made to the public.

The President made these remarks during the second episode of The Pulse podcast series, released today, which focused specifically on the fisheries industry. In the episode, produced in collaboration with Mihaaru, President Muizzu detailed ongoing initiatives to strengthen the sector and highlighted key milestones achieved so far.

MIFCO Reforms and Fish Pricing

Emphasising his commitment to strengthening the entire industry, the President noted that positive outcomes have already been realised through efforts to streamline operations and improve efficiency at the Maldives Industrial Fisheries Company (MIFCO). He noted that the aim is to maintain the fish purchasing price at MVR 20 per kilogram, expressing hope that it could be raised further as economic conditions allow.

The President also expressed optimism regarding the existing tariff exemption granted by the United Kingdom, affirming that efforts would continue to ensure the exemption becomes permanent and continues to benefit local fisheries exports.

Addressing Yellowfin Tuna Concerns

President Muizzu addressed the grievances of yellowfin tuna fishermen, noting that measures are currently being taken to resolve their concerns. He pointed out that the most sustainable and competitive prices could be secured through MIFCO's re-entry into the yellowfin tuna market, and assured that the process would be carried out in close consultation with the fishing community.

Workforce and Economic Reforms

The President also addressed the decline in the number of people actively engaged in the fisheries sector across the country. He observed that the industry had suffered due to excessive recruitment into State-Owned Enterprises (SOEs), which had diverted a significant portion of the workforce. However, he explained that ongoing SOE reforms would yield positive structural outcomes for the wider economy, including the fisheries sector.

Modern Fish Market Development

Expressing overall satisfaction with the progress of ongoing efforts to advance the fisheries industry, the President concluded by assuring that existing challenges to developing a modern, state-of-the-art fish market in Malé City—the hub with the highest concentration of stakeholders in the sector—would be resolved. He reaffirmed the government's commitment to addressing these challenges through a holistic and comprehensive economic policy framework.