Chief Government Spokesperson Mohamed Hussain Shareef has stated that the Government expects private companies to benefit significantly from the United Kingdom’s decision to suspend tariffs on Maldivian fish products for two years.

Speaking during the “Presser with the Spox” press briefing, Shareef discussed the expected impact of the UK’s decision to remove the 20 per cent tariff on Maldivian fish exports.

Responding to a question from a journalist, Shareef said the Maldives is currently ranked ninth in the UK’s tuna export market, with countries such as Seychelles, Spain and the Philippines ranking ahead of the Maldives.

“We will not rely solely on a State-owned company. The private sector will play a major role in this. In reality, the biggest stakeholders and those who will benefit the most are private companies operating in this industry. There is an expectation that with this change, additional private companies will also enter this field,” Shareef said.

He noted that the Maldives currently exports around USD 25 million worth of skipjack tuna products to the UK each year.

The Spokesperson added that the Government expects the tariff suspension to encourage more Maldivian companies to enter the export market, while also increasing export revenue. He stated that exports are expected to rise from USD 25 million to USD 50 million over the next two years.