Managing Director of State Trading Organisation (STO) has stated that establishing Maldives Industrial Fisheries Company (MIFCO) as its subsidiary company have transformed the profit margin of the largest fish processing company of the Maldives. Addressing a press briefing held at the MIFCO, Managing Director of STO Ahmed Shaheer stated that the company has geared up for the upcoming fishing season to provide best services for the sector. MIFCO has transformed to a profit generating company, added Managing Director of STO Ahmed Shaheer.
The Managing Director of STO added that that the trend of yielding profit is projected to expand in the coming years. Managing Director Shaheer further stated that the company has geared up for the upcoming fishing season to provide the best services for the sector.MIFCO has been exerting great effort to tackle the challenges faced by the company and highlighted MIFCO has now provided easy routes to attain services for the fishing community, added the Managing Director.
Shaheer stated that instant payment with the sale of fish is also available for the fishermen and noted that the sector has seen a rise in its production level by 30 percent. He said with Maldives being a major fish product exporter to the global market, the interconnection between other nations is also strengthening at a fast pace.
Since its establishment in 1993, MIFCO has become the pioneer and leading force in the Maldivian fisheries industry. However, over the years, the company accumulated a debt of 20 million U.S. dollars under the management of Fisheries Projects Implementation Department (FPID). MIFCO had seen its major operations halted and the banks hesitant from lending any further loans to continue its operations. To overcome the huge debt and to get MIFCO back on track, President Abdulla Yameen Abdul Gayoom relocated MIFCO as a subsidiary company of STO in 2016. With the relocation of MIFCO as a subsidiary company of STO, the administration received major criticisms from the opposition movement. However, within one year under the management of STO, MIFCO has started yielding profit and geared up to be a major income source to the Maldivian economy.