The Maldives Industrial Fisheries Company Limited (MIFCO) is to be operated as a 100 percent state-owned enterprise.

This was announced by President Dr. Mohamed Muizzu during a press conference held on Tuesday.

The presser was hosted following a meeting held with his Cabinet of Ministers.

As such, President Muizzu declared that MIFCO is now a 100 percent state-owned enterprise.

Stressing the significance of enhancing MIFCO to strengthen the overall fisheries sector, President Muizzu went on to announce the decision to establish a special cooperative for fishermen and integrate the cooperative as a shareholder at MIFCO.

MIFCO was earlier operated as a subsidiary of the State Trading Organization (STO).

Having MIFCO operated separately from STO and establishing a fishermen’s corporative are presidential pledges made by President Muizzu during his election campaign.