Maldives Industrial Fisheries Company (MIFCO) has signed a memorandum of understanding (MoU) with a Chinese company to explore opportunities for exporting Maldivian fish products to China.

The agreement was signed by MIFCO CEO and MD Mohamed Anas and SINOMACH Hainan Development Company chief adviser Ou Weiguo at a ceremony held during the China-Maldives Investment Cooperation Forum.

Under the agreement, the two companies will work together to identify opportunities in the Chinese market and establish arrangements for supplying fish products. Their cooperation will cover product quality, packaging, logistics and the legal requirements for exporting to China.

MIFCO will act as the fish supplier, while SINOMACH Hainan will be responsible for exploring market opportunities in China.

During the initial phase, the two parties will discuss ways to increase exports from next year, taking into account market research and trade arrangements.

The companies said the agreement would help strengthen trade relations between the Maldives and China by opening up new international markets for Maldivian fisheries products.

The Maldives currently exports fish to markets including Europe, Thailand and Mauritius.