Government Decides to Turn AgroNet into a Subsidiary of MIFCO

Agro National Corporation (AgroNet) will be restructured as a subsidiary company under the Maldives Industrial Fisheries Company (MIFCO) as part of broader government initiatives to right-size state-owned enterprises, President Dr. Mohamed Muizzu announced today.

Speaking at a press conference held at the President’s Office, President Muizzu explained that placing AgroNet under MIFCO’s corporate umbrella aims to streamline operations and build institutional efficiency across key primary industries.

"There are substantial economies of scale to be gained by integrating AgroNet as a subsidiary under MIFCO," President Muizzu said. "There are numerous operations that can be carried out collaboratively between both enterprises."

The President emphasized that coordinating logistics between agriculture and fisheries will expand AgroNet's commercial footprint and advance the administration's national food security targets. Aligning both sectors operationally will deliver tangible economic gains for both producers and consumers, he noted.

President Muizzu also announced that the forthcoming modern "mixed market" planned for Malé will be transferred to MIFCO to manage and operate upon completion.

"Preparations are underway to begin constructing the mixed market in Malé—a modern, state-of-the-art facility for fishermen, farmers, and local vendors to sell their produce," President Muizzu said. "Once completed, its management and operations will be handed over to MIFCO."

The President explained that this arrangement ensures the market operates sustainably and independently without requiring recurrent state expenditure. Acknowledging earlier project delays, he noted that major hurdles have now been addressed, with active construction targeted for completion around December 10, next year.

The restructuring follows parallel consolidation measures across the state sector, including the merger of Fenaka Corporation into STELCO and the integration of the Road Development Corporation (RDC) into MTCC.