Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam has announced that the agreement for the construction of a specialised yellowfin tuna processing facility in Hulhumalé is scheduled to be signed next week.

Speaking at a press conference held at the President's Office, minister Shiyam said 25,000 square feet of land has been allocated for the project, which will have a processing capacity of 100 tonnes.

The minister said one of the main challenges facing the yellowfin tuna industry is the lack of adequate packing and processing facilities. He noted that the new factory is expected to address this issue and strengthen the country's capacity to handle Yellowfin Tuna exports. The project forms part of efforts to support the fisheries sector and expand value-added fish exports.

Speaking in the second episode of The Pulse podcast, President Dr Mohamed Muizzu said efforts are underway to strengthen MIFCO's involvement in the yellowfin tuna industry. He noted that the company had ceased purchasing yellowfin tuna before the current Administration took office but has since resumed operations in response to concerns raised by fishermen.

MIFCO restarted purchasing yellowfin tuna in January this year after previously suspending its export operations at Kanduoiygiri. The company currently purchases yellowfin tuna at a maximum rate of MVR 25 per kilogram.