Maldives Industrial Fisheries Company Limited (MIFCO)’s Managing Director, Farhath Shaheer has stated that the introduction of Refrigerated Sea Water (RSW) systems has significantly improved fish quality.
The Ministry of Fisheries and Ocean Resources and SME Digital are providing loans to establish RSW systems on fishing vessel. Loans through SME Digital range from USD 600 to USD 130,000, with no collateral required.
Speaking to PSM News, Farhath noted that many fishing vessels, especially in the southern region, are now equipped with RSW systems, enabling fish to be chilled onboard rather than relying on ice plants. He said the use of RSW systems has reduced rejection rates in export markets, and secured better prices.
Farhath also highlighted timely payments to fishermen, noting that since Fishermen’s Day 2024, fishermen have been paid within 48 hours for their catch, in line with President Dr Mohamed Muizzu’s decision. From 10 December 2024 to 2025, over USD 63.1 million was paid to fishermen for 63,069 metric tonnes of fish.
Farhath further spoke on revised fish pricing and said all fish above 1kg are now purchased at rates above USD 1.03 per kg. This change allows fish to be bought from different harbours at different times, based on supply and demand, he noted.