President Dr. Mohamed Muizzu announced today that Agro National Corporation Limited (AgroNat) has been decided to be converted into a subsidiary company of MIFCO.

Speaking at a press conference held at the President's Office, the President stated that many objectives will be achieved by making AgroNat a subsidiary of MIFCO.

The President also stated that alongside expanding AgroNat's business and achieving food security goals, fisheries and agriculture can be carried out together.

Furthermore, the President said that with AgroNat transferring under MIFCO, the work on the newly constructed market in Malé will also be completed, transforming the place in a way that benefits businesses and the general public.

"In order to run that place in a sustainable manner, manage it properly, and in the most beneficial way for businesses and the public without the government having to take charge, we are handing that place over to MIFCO. God willing, that place will be completed by December 10 next year," the President said.

The President added that for many such reasons, it has been decided to convert AgroNat into a subsidiary company of MIFCO.

AgroNat, established on April 21, 2020, is a company belonging to the state-owned Maldives Fund Management Company (MFMC).

The primary purpose of the company is to develop agriculture as an industry under the government's economic policy.