News Desk
The UK’s decision to drop tariffs on Maldivian fish exports has sparked a long-awaited buying war across local processing plants, giving fishermen better rates for their catch, Fisheries Minister Ahmed Shiyam told Majlis today.
Speaking on the floor, Shiyam said removing the 20 percent duty gave local exporters a 20 percent margin boost, forcing major buyers like Horizon Fisheries, Ensis, and state-owned MIFCO to compete directly for raw fish.
“Right now, Horizon, Ensis, and even MIFCO are buying fish from fishermen at good prices,” Shiyam said. “We can all see that a real market, a competitive market for fish, has finally taken shape.”
The minister took the floor during today’s sitting after a question filed by Velidhoo MP Mohamed Abbas was declared void. Majlis Speaker Abdul Raheem Abdulla offered Shiyam time to address the house on broader developments in the fisheries sector.
Shiyam took a jab at previous administrations, pointing out that Maldivian officials had spent 14 years trying to secure tariff-free access to the UK and European markets without results.
“We’ve spent 14 years trying to lower taxes with Europe and the UK,” Shiyam said. “When work is done without real intention, without good faith, all you get are signals coming back and forth, Honorable Speaker. None of these tariffs were suspended, none were reduced.”
The UK remains the largest destination for Maldivian fish shipped to Europe, with annual exports reaching roughly MVR 350 million.
Responding to a follow-up question from Keyodhoo MP Mohamed Niushad on why MIFCO hasn’t officially revised its base purchase price, Shiyam stressed that MIFCO will not buy fish below MVR 20 per kilo, with payout rates climbing to MVR 22 on certain days.
Private processors are driving prices even higher, he added.
“We are seeing private companies buying at MVR 21 and MVR 22 right now,” Shiyam said. “Even with these recent changes, we haven’t seen anyone buying at MVR 20 lately.”
Despite the trade breakthrough in Britain, Shiyam acknowledged that the Maldives is still held back by a severe lack of value-added processing and cold storage capacity. Most fish is still exported raw or frozen rather than processed locally into higher-margin canned goods.
When the current administration took office, MIFCO could only process 50 tonnes of canned tuna per day. Shiyam said work is currently underway to boost canning capacity to 300 tonnes per day.
The government is also moving to expand total cold storage capacity from 9,000 tonnes to 25,000 tonnes to handle peak fishing seasons and keep prices stable.
