Managing Director of Maldives Industrial Fisheries Company Limited (MIFCO) Ismail Fauzy has stated the company aims to expand its capacity and buy 55,000 tons of fish this year.
Speaking to PSM News, the managing director of MIFCO said the company bought 48,000 tons worth USD 58.4 million last year. Fauzy said MIFCO has bought a total of 18,000 tons of fish this year thus far, paying USD 32.4 million to fishermen. He said the company is working to enhance its buying capacity and pay well to fishermen, adding MIFCO will have enough capacity to process the entire local catch when the company completes its expansion work.
The managing director said the company is now working to increase freezing capacity to 800, collection capacity to 1,000 and storage capacity to 12,000. He added Felivaru facility is working to increase freezing capacity to 400, storage capacity to 4,000 and processing capacity to 100 tons. He said the project is expected to be completed in 2 years.
Moreover, Fauzy said the fishermen are currently enjoying a good season of fishing, adding MIFCO is currently working to accommodate and adjust to process the increase in catch. He further added the company is unable to settle payments immediately due to lack of working capital the company has available. Stating that very little effort was put into making MIFCO a profitable company, he stated the current government is working to better the facilities at MIFCO.
The government of the Maldives has decided to spend USD 15 million on developing MIFCO under the line of credit guaranteed by the Indian government. The capital will see the development of storage facilities, cooked loins plant and a fish meal plant. Additionally, the funds will also be used to develop a 50 metric ton ice plant and a 100 metric ton ice storage in the island of Gemanafushi in Gaafu Dhaalu Atoll.