Maldives Industrial Fisheries Company Limited (MIFCO) has stated the company has issued over USD 54 million to fishermen as payment this year.
Speaking to PSM News, CEO of MIFCO Ismail Fauzee said the company has undertaken several efforts this year to increase the benefits from the fisheries sector to the local economy, despite the challenges of the COVID-19 pandemic. Fauzee said MIFCO has been purchasing fish from local fishermen based on the market rates for fish around the world. Noting MIFCO currently buys a kilogram of fish for USD 1, Fauzee said MIFCO provides a better price for fish than any other company buying fish in the Maldives.
Speaking further, Fauzee revealed MIFCO has bought over 47,000 tonnes of fish from local fishermen this year, and issued USD 54.8 million as payment. He said the company had issued USD 58.6 million to fishermen last year.
The CEO further acknowledged the difficulties faced by fishermen in obtaining ice to store fish. He said MIFCO has been providing ice to fishermen as much as the company’s capacity allows. He expressed hope the difficulties will be resolved when ice plants are established in multiple regions of the country next year.
Fauzee further stated MIFCO aims to operate independently without assistance from the government. He also pledged to work towards making MIFCO a public company, with shares owned by fishermen.
MIFCO is currently operated with 99.99% shares of State Trading Organisation (STO), and 0.01% shares of Allied Insurance. MIFCO has launched a major development project, aimed at building the capacity of the company and increasing its resources.