The Maldives Industrial Fisheries Company Limited (MIFCO) has raised its fish purchase price in support of the government's commitment to ensuring fair prices for fishermen.
MIFCO has decided to increase the purchase price to USD1.6 per kg, up from the previous rate of USD1.1 per kg. The change in prices comes as the fishing season has seen a significant decline compared to past years and the company aims to encourage fishermen.
MIFCO stated that frozen fish and tuna weighing over 1.5kg will be sold at USD1.6 per kg, while unfrozen fish and tuna will be priced at USD1.4 per kg under the new pricing structure. The decision was made in response to concerns and feedback of fishermen.
MIFCO has been solving the various challenges in processing fish by upgrading factories and procuring more vessels. As such, the Felivaru Fisheries Complex upgrade project includes the development of a 4000MT cold storage facility, a 200MT brine freezing facility, an 80MT refrigerated seawater facility, as well as a 100MT fish processing factory. The government has also decided to develop a 50MT ice plant and a 100MNT cold storage in Gemanafushi, Gaafu Alifu Atoll, increasing the cold storage capacity of MIFCO by 48% and freezing capacity by 37%.