Managing Director of State Trading Organisation (STO) Hussain Amr has stated Maldives Industrial Fisheries Company (MIFCO) will be transformed to a profit generating company this year.
Speaking at a press briefing to provide updates on current work of the company, Amr explained STO is developing plans to increase its ability to process all catches without difficulty.
With fishing increasing remarkably in the North of the country since August, MIFCO is currently experiencing difficulties processing the sizable catches from all vessels. Although other private fish collectors have set limits in fish purchase due to sizeable catches, MIFCO is purchasing fish without any control.
Amr assured MIFCO would start generating profit this year, although it has had a loss of more over USD 65 million. He further explained MIFCO is suffering a loss due to unnecessary expansion and limited capacity in purchasing fishermen's catch.
MIFCO has now completed the plans and architectural drawings of the expansion work after the government has now provided the finance. The company intends to increase its storage and production capacity.
STO revealed there were no efforts to increase the production and storage capacity in the last 33 years after its inception. The public has always raised concerns due to lack of facilities and delay in fish purchase process.
MIFCO purchases 200 tonnes of fish daily, although it has a storage capacity of 750 tonnes. MIFCO can currently process only 65 tonnes of fish a day.
MIFCO has previously announced plans to develop a fish collection centre in Keekimini, an industrial island in Shaviyani Atoll. The announcement comes as part of attempt to ease fish collection in the north of Maldives.