President Dr. Mohamed Muizzu has decided to convert Maldives Industrial Fisheries Company Limited (MIFCO) into a 100% stated owned company.
The announcement was made during a press conference held following a cabinet meeting. During the press conference, president shared some important decisions taken by the Cabinet.
The President highlighted a pivotal element in the manifesto to boost the fisheries sector, emphasising the transformation of MIFCO into a 100% government-owned entity. In line with this commitment, the Cabinet has resolved to terminate its status as a subsidiary of State Trading Organisation (STO). This strategic move is aimed at fortifying the fisheries sector and expediting the realisation of commitments made to the fishermen community, reinforcing the government's dedication to the sector's growth, added the president.
Speaking to PSM News earlier, Minister of Fisheries and Ocean Resources Ahmed 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.
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.