The Maldives Industrial Fisheries Company (MIFCO) has announced an increase in the purchase price of fish from local fishermen to USD 1.2, marking a significant development for the nation's fishing community.
The price adjustment, which took effect this week, comes as fishing activities have declined across the country.
MIFCO’s Managing Director Mohamed Anas told PSM News that the government, through MIFCO, remains committed to supporting fishermen by purchasing fish at the best possible rates.
"The purchase price of fish depends on demand and supply, and we expect prices to improve as the fishing season progresses," Anas explained.
The government has decided not to reduce the price of fish from fishermen below USD1.03, ensuring a stable livelihood for the country’s fishing community.
While the price of skipjack tuna has been increased, the purchase price of yellowfin tuna has remained unchanged. The average price for fish from fishermen is usually maintained between USD 1.10 and USD 1.17.
MIFCO will continue purchasing fish for the revised price from its factories in Felivaru, Kooddoo, and Addu City, as well as from ports including Thinadhoo, Faresmaathodaa, Gadhdhoo, Ihavandhoo, and Fuvahmulah City.
The government aims to raise the purchase price to USD 1.29 through a phased approach. This includes increasing the variety of value-added fish products, expanding factory capacity, and boosting fish exports from the Maldives.
Additionally, MIFCO is working to establish outlets across the country to make fish products more accessible to the public. A positive development for exporters is the United Kingdom's decision to cut taxes on fish products imported from the Maldives, ensuring more competitive prices for Maldivian fish in the UK market.