The Maldives Industrial Fisheries Company Limited (MIFCO) has a record year with 59,310 metric tonnes of fish purchased.
Statistics published by MIFCO to commemorate Fishermen’s Day show that the amount of fish purchased so far this year, which amounts to 59,310 metric tonnes, is higher compared to the previous 11 years, which ranges from 24,000-58,000 metric tonnes.
MIFCO also made a record amount in payments to fishermen so far this year, which amounts to USD63 million. The company made total yearly payments ranging from USD24-59 million in the previous 11 years. The growth is the result of the hard work of employees and the increase in company resources.
Furthermore, the government is making efforts to further develop MIFCO, which includes the Felivaru Fisheries Complex upgrading project. It is carried out under the assistance of the EXIM Bank of India and includes the development of a 4,000MT cold storage facility, a 200MT brine freezing facility, an 80MT refrigerated seawater facility, as well as a 100MT fish processing factory. The project is expected to increase MIFCO’s cold storage capacity by 48% and freezing capacity by 37%. The company also purchased three boats to increase its fish purchasing capacity.