The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than USD32 million to fishermen as of May 19, 2023, which is a significant increase compared to the same period in 2022.
Statistics show that MIFCO purchased 34,082T of fish as of May 19, which is a 28% increase compared to the 26,694T purchased during the same period last year. Most of the fish were processed at the Kooddoo Fisheries Complex. As such, 25,887T were purchased at the facility while 4,298T of fish were purchased at the Felivaru Fisheries Complex, and 3,151T of fish were purchased for 3,897T at the Addu Fisheries Complex. Statistics also showed that a total of USD36.7 million has been disbursed to fishermen this year, which is a significant increase compared to the USD27.9 million disbursed last year.
Speaking to PSM News, Chief Executive Officer (CEO) Ismail Fauzee highlighted that last year was the highest amount of fish purchased by MIFCO in its 29-year history. He said the amount of fish purchased by fishermen this year increased compared to last year. In addition, he said that MIFCO is working with fishermen to achieve the goals set by the government to develop the fisheries sector in the Maldives.
MIFCO has stated that the fisheries sector is generating revenue without any significant issues. The state-owned company aims to expand its fish processing capacity by procuring additional vessels and constructing facilities in various regions of the country to meet the growing demand resulting from increased productivity among fishermen.