Can MIFCO Recover and Revolutionize the Fishing Industry?

MIFCO has been a wildfire topic highly discussed on multiple platforms. This is not without reason. The main themes of discussion include the challenges faced by fishermen, and the low rates or wages received by the fishermen after long hard days’ work.

MIFCO is under a lot of pressure as the company has been in a state of bankruptcy for the past few years. To evade the situation, MIFCO was moved under State Trading Organization (STO) with a market share of 99% and 0.01% share by Allied Insurance in 2016. The Government has also issued a number of subsidiaries and funds to assist MIFCO in its current situation, which has yet to show results.

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Recently, MIFCO CEO Ismail Fauzy said that MIFCO will be converted to a public company, with direct involvement of fishermen. Under this, MIFCO is expected to establish cold storage facilities and brine facilities in islands, and further development of existing resources.

Under the mandate of the Government, fishermen are supposed to earn MVR 20,000 on a monthly basis. However, this promise has yet to be fulfilled as the challenges faced by the fishing industry does not allow for it. Most of the time, fishermen have to reach MIFCO to sell the day’s catch instead of the company contacting the vessels for the products.

Similarly, the four processing facilities of MIFCO; Felivaru Fisheries Complex, Kooddoo Fisheries Complex, Kandu Oiy Giri Fish Village and Addu Fisheries Complex do not have the capacity to contain the daily catches of the fishing industry.

The question arises whether MIFCO is in a state to recover and whether it can bring a revolutionary change to the fishing industry. The company was established to assist the market at a time where public companies did not have the resources to penetrate the industry. We are yet to see what happens now, after these new changes are brought.

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