President Ibrahim Mohamed Solih has claimed the administration aims to transform Maldives Industrial Fisheries Company (MIFCO) to a profit generating company by the end of the year.
Speaking to a gathering of fishermen in Thinadhoo, President Solih said fisheries industry must prioritise the sale of canned tuna, instead of raw tuna, to the international market, adding MIFCO could play a significant role in increasing the revenue generated from the sector. The president noted out of the outlets managed by MIFCO, only Felivaru generate profit, adding the outlets in Kooddoo, Addu and Kanduohgiri are operating with a significant loss.
The president highlighted canned tuna generates most profit to MIFCO, adding the administration plans to boost canned tuna production. Explaining the scope fish processing conducted across the country, President Solih expressed Maldivian fishermen catch 150,000 tonnes of fish, out of which only 42,000 tonnes are purchased by MIFCO. The president revealed 100,000 tonnes are purchased by private fish processing companies. Revealing canned tuna generate most profits, the president said only 30 percent of the fish purchased by MIFCO are sold as canned tuna.
Highlighting local fishermen struggle to sell their catch, President Solih noted the importance of establishing mechanisms to purchase fish from all the regions in the country, adding providing easier means to the fishermen is an aim of the administration. He said MIFCO must act as an important partner in ensuring fishermen make significant profits for their catch.