The Maldives Industrial Fisheries Company Limited (MIFCO) has affirmed its decision not to decrease the current fish purchase price.
The state-owned company increased the purchase price of fish to USD1.6 per kilogram on September 16, up from the previous USD 1.1 per kilogram, and has no plans for a reduction. The company clarified that it is not currently engaged in direct discussions with the Ministry of Finance or other government bodies regarding a review of fish price.
MIFCO is actively working to settle all outstanding payments with fishermen after fish processing, in collaboration with relevant authorities. It has assured fishermen that it will continue payments for the fish it has acquired.
MIFCO has also revealed its intention to acquire and operate three fish processing vessels by the end of the year, aiming to enhance its fishing capacity. The first vessel, called Jazeera 106, departed from Thailand on November 4 and is expected to reach the Maldives on November 19. Jazeera 104 and Jazeera 105 are also scheduled to arrive before the end of 2023.
A total of four vessels were purchased this year, including Jazeera 103, which arrived in April, to address the challenges faced by fishermen. The vessel is equipped with dual cranes for simultaneous fish processing and has a brine freezing capacity of 120MT and a storage capacity of 420MT. It commenced operations in May.
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%.