President Dr. Mohamed Muizzu has announced that the Maldives Industrial Fisheries Company Limited (MIFCO) is seeking an independent foreign expert to enhance its operations. He made this statement during his address at the official ceremony marking the 59th Independence Day of the Maldives.
Speaking at the ceremony, President Dr. Muizzu highlighted his commitment to protecting economic sovereignty and highlighted the importance of strengthening the fisheries sector to boost the economy. He also pointed out that several government companies had gone bankrupt due to the previous government’s economic policies, but his administration has started implementing new economic strategies and is working on reforming these companies.
Additionally, President Dr. Muizzu noted that significant efforts are being made to reform MIFCO, a key state-owned enterprise (SOE). In addition to restructuring MIFCO into a separate entity, substantial progress has been made in its operations. He also said that an external expert is being sought to manage the company's operations.
Furthermore, President Dr. Muizzu said that he understands the reasons behind the financial struggles of MIFCO. He, therefore, said that the selected expert will have extensive experience but no prior involvement with the Maldivian fisheries sector. He also noted his commitment to ensuring timely payments to fishermen, with a pledge to process payments within 48 hours, and confirmed that all outstanding debts to fishermen have been settled.
MIFCO was established in 1993 as a government fish company, and it has been operating at a loss. The company's primary purpose is to expand the fisheries sector in the Maldives and contribute to the country's economic growth.