State Trading Organisation (STO) has revealed the capacity of fish packing of Maldives Industrial Fisheries Company (MIFCO) decreased to 13 metric tonnes from 70 metric tonnes when the largest fish processing company in the Maldives was split to multiple companies.
When in power, Maldivian Democratic Party (MDP) split MIFCO to multiple fish processing companies resulting in a rapid decrease in trade, fish processing, profit and disrupting services and products provided by the company.
Speaking at the function held to launch the Fishermen's Marina in Kooddoo, Managing Director of STO Ahmed Shaheer stated the decision to split MIFCO caused numerous damages to the economy of the country, as the fisheries industry is one of the most profitable industries in Maldives. However, Ahmed Shaheer noted the remarkable changes brought by the current government has transformed MIFCO to a profitable asset to the country.
Kooddoo Fishermen's Marina is the second such facility inaugurated in Maldives, as part of an electoral pledge of President Abdulla Yameen Abdul Gayoom. MIFCO expressed a marina is currently in development in Hulhumeedoo in Addu City.
MIFCO is a subsidiary company of STO, engaged in the production, processing and marketing of fish and fishery products. The company was incorporated in 1993.