State Trading Organization, STO's Managing Director Ahmed Shaheer has said that efforts to transform Maldives Industrial Fisheries Company, MIFCO into a profit-generating business is going rather successfully.
Shaheer made the remarks while speaking on PSM News’ talk show, "Zinma". MIFO was turned into a subsidiary of STO in October 2016.
The first achievement by STO after taking over the management of MIFCO was to pay over MVR 2 million in overdue payments to fishermen, for catch sold to the company, Shaheer noted. Since then, STO has been working on further strengthening the management of MIFCO as well as to provide proper compensation for fisherman, Shaheer added.
STO has also reduced the rates at which fuel is sold to fisherman twice since taking over the management of MIFCO. According to Shaheer, the Ministry of Finance and the Ministry of Fisheries and Agriculture have set up a fund to support infrastructural and operational expansion of MIFCO.
STO's aim is to expand capacity to allow fisherman to sell more fish to MIFCO during the fishing season, he said.