Maldives To Sign New Tuna Deal With Saudi Arabia
Maldives’ Fisheries Minister Ahmed Shiyam announced on X (formerly Twitter) that the island nation will sign a Memorandum of Understanding (MoU) with Saudi Arabia “to enhance the fisheries industry and explore opportunities for fish export, technology, and knowledge transfer.” Shiyam did not give further details of the content of the MoU for the largest producer of pole-and-line skipjack, or when it would be inked.
Shiyam’s post read that the new deal “will pave the way for the export of Maldivian tuna products to Saudi Arabia, an emerging market for sustainable seafood.” The Middle East country is one of the largest growing markets for canned tuna. Saudi Arabia expanded its business for private-label items in the first half of this year. The Maldivian government expects that the deal, besides an increase in exports, will also attract major investments in the fishing industry. This could help support the island nation’s economic growth and sustainability.
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Competing in the Saudi market with Thailand will be hard for the Maldivian canneries unless they will have a large preference in duties.