Efforts Underway to Revitalise MIFCO: Minister Ahmed Shiyam

The Minister of Fisheries and Marine Resources, Ahmed Shiyam, has announced significant efforts to improve the operations of the Maldives Industrial Fisheries Company (MIFCO). Speaking on PSM News' Raajje Miadhu program, Minister Shiyam emphasized the importance of restructuring MIFCO to make the Maldivian fisheries industry more attractive to foreign investors.

"MIFCO is working to revamp the fisheries sector in the Maldives," said Shiyam. "We aim to resolve the challenges faced by MIFCO within the next five years, positioning it as the largest fish exporter in the Maldives and inviting foreign investment into the industry."

The minister highlighted that an influential foreign expert is being sought to enhance the management of MIFCO. This move is part of broader efforts to stabilize various state-owned enterprises that faced economic difficulties when the current government took office.

Minister Shiyam also announced a new pricing structure for fish purchased from local fishermen, effective from July 1. The prices for seafood and tuna have been revised based on weight and whether they are ice-coated, with seafood and tuna weighing more than 1.5 kg being sold at RF 8 for ice-coated and RF 7 for non-ice-coated varieties. Smaller seafood and tuna will be sold at RF 7 and RF 5 respectively.

To further bolster MIFCO's capacity, the company is investing in facility upgrades that will increase its cold storage capacity to 15,000 tonnes and its canning capacity to 100 tonnes per day. These improvements are expected to enhance the efficiency and output of the company, making it more competitive in the international market.

Minister Shiyam believes that these changes will not only benefit MIFCO but also bring improvements to private companies involved in the fisheries industry. By promoting fish and fish products and increasing international market prices, the government aims to strengthen the administrative management of the sector.

The minister acknowledged President Mohammed Muizzu's role in supporting MIFCO, noting that the President has taken steps that previous administrations did not. Shiyam expressed confidence that the fishing industry will undergo revolutionary changes within the next five years, driven by these comprehensive reforms.

MIFCO remains a cornerstone of the Maldivian economy, and its revitalisation is crucial for the sustainable development of the fisheries sector, benefiting both local fishermen and the broader national economy.