Business

MIFCO Aims to Increase Capacity to 55 Thousand Tonnes

Maldives Industrial Fisheries Company Ltd (MIFCO) has aimed to increase its capacity into buying 55 thousand tonnes of fish from the fishermen.

According to the Managing Director of MIFCO, Ismail Fauzy, MIFCO has bought 45 thousand tonnes of fishes and issued fishermen with MVR 900 million. So far in 2020, MIFCO has bought 18 thousand tonnes of fishes and issued fishermen with MVR 500 million.

According to Fauzy, the company has been putting efforts into increasing the capacity of the company to get better prices for fishermen. Fauzy further states that the company aims to increase the freezing capacity to 800 tonnes, collection capacity to 1000 tonnes, storage capacity to 1200 tonnes.

Fauzy highlights that the fisheries industry is showing a great trend these days and the company is preparing itself for any possible adjustments. However, the company is facing difficulties in providing fisherman with their due allowances daily, due to the delay in generating income by MIFCO.

As stated by Fauzy, in the past years, a handful amount of actions has been taken for the progress of MIFCO. He stated that the current administration is working on the development of MIFCO with a strategized plan and in the long run, this will help solve the issues faced in buying fish and providing fishermen with their due allowances.

Under the Line of Credit issued by India, it has been decided to spend MVR 231 for the development of MIFCO and its facilities. According to the revealed plans, the grant will be used to establish a storage capacity along with a tuna cooked loins and fishmeal plant in Lh. Felivaru Fisheries Complex. In addition to this, an ice plant of 50 metric tonnes, along with ice storage of 100 metric tonnes will be built in G. Dh Gemana Fushi.

Full details are available at the link below:

Source URL: Corporate Maldives

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