MIFCO to be established as an independent company this year

The government has revealed plans to establish Maldives Industrial Fisheries Company (MIFCO) as an independent company throughout the ongoing year.

This was announced during the presidential address, delivered by President Ibrahim Mohamed Solih during the inaugural sitting of the People’s Majlis on Thursday morning.

As such, he revealed that MIFCO will be removed from under the authority of State Trading Organization (STO) and established as an independent company within the year.

This announcement comes at a time the president had also spoke on improving MIFCO’s operations during his last presidential address, in February 2021 as well.

Highlighting that the ocean was the “only place” that was not deserted as the world was driven into mass lockdowns due to the ongoing Covid-19 pandemic, which brought economic activities to a complete standstill and shut down sources of income, the president stated that the fish purchase observed during 2021 was the highest ever made by MIFCO in the last 15 years.

As such, fishers have been guaranteed timely payments for their catches as well.

President Solih revealed that beginning March 2022, MIFCO will raise the price for tuna per kilo and from then, fish prices of the company will be interlinked with global prices for tuna.

He added that MIFCO will be able to buy fish at a higher price if prices are high in global markets.

Highlighting that the level of income generated by the fish caught will be entirely dependent on the capacity to adequately and safely store it, the president noted that the government will begin issuing MVR 59 million in loans to install freezers in 118 fishing vessels during 2022.

Yearly statistics reveal that a total of 58,350 tons of fish were weighed with it being valued at MVR 901,786,841 in total. The company’s fish weighing capacity has been increasing steadily over the past few years, ever since the incumbent administration took over in November 2018.