Minister of Fisheries and Ocean Resources Ahmed Shiyam has revealed that the ministry has begun the process to separate the Maldives Industrial Fisheries Company (MIFCO) from the State Trading Organisation (STO).
Speaking to PSM News, Minister Shiyam provided details of the operations of MIFCO and said that a paper has been drafted on establishing MIFCO as a separate company. He said that the ministry is working with stakeholders and the President's Office to separate MIFCO from STO and that the paper will be submitted to the Cabinet next week.
Additionally, Minister Shiyam highlighted the challenges in operating MIFCO under the umbrella of STO. He said that establishing MIFCO as a separate company will resolve these challenges and would also benefit fishermen. He described MIFCO as the engine of the fishing industry, emphasizing the importance of improving the company.
MIFCO was incorporated as a subsidiary of STO in 2016 by the administration of President Abdulla Yameen. The decision was made in a Cabinet meeting to resolve the financial issues faced by MIFCO and strengthen the administration of the company.
MIFCO is engaged in the processing and exportation of tuna, tuna products, reef fish and other fishery products. Its main activities are centered around the purchase, process and value addition of tuna and the subsequent sale and exportation of tuna, tuna products, reef fish and other fishery products. MIFCO’s products are in increasing demand by customers, especially in Europe due to its high quality as a result of exclusive pole-and-line skipjack fishery of the Maldives.