In a statement, CEO Ismail Fauzee announced that the capacity of the Maldives Industrial Fisheries Company (MIFCO) has seen a significant expansion from 40,000 tonnes to 63,000 tonnes within the past five years. He noted that this development results from collaborative efforts between the company and government to advance MIFCO’s growth.
Furthermore, Fauzee pointed to the initial acquisition of two boats as a temporary solution for fish procurement, effectively addressing challenges within the fishing industry. He also highlighted the addition of the Island 103 vessel to the MIFCO fleet, capable of transporting 120 tonnes of fish daily in the southern region, significantly enhancing the company’s overall capacity. Fauzee emphasised the positive outcomes stemming from these developments.
Fauzee elaborated on future capacity expansion plans, which hinge on the completion of construction projects in Thinadhoo, located in the southern region. “We are increasing Kooddoo’s brine capacity to 120 tonnes, equating to 40 for each shift.
Additionally, we are constructing storage facilities at Kooddoo Port and Kooddoo itself. Furthermore, we are transferring 120 tonnes of brine freezing and 1,000 tonnes of cold storage in Thinadhoo to MTCC,” explained MIFCO CEO Ismail Fauzee. He also emphasised that Thinadhoo is rapidly developing an efficient freezing system and will become the most accessible location for fishing arrangements.
MIFCO is procuring three additional boats, with one expected to arrive shortly, according to Fauzee. He noted that ongoing efforts are focused on testing the freezing capabilities of one of the ships, and the remaining boats will be brought in as part of the plan.
Fauzee provided an update on MIFCO’s recent accomplishments, stating, “Thanks to the dedication and hard work of our MIFCO staff, we’ve successfully increased our capacity from 40,000 to 63,000 tonnes. As of yesterday, we’ve processed 51,000 tonnes. We’ve also disbursed MVR 896 million to fishermen. Last year, we generated MVR 1 billion by processing 63,000 tonnes. We only need an additional 12,000 tonnes to reach that milestone this year. We’ll likely surpass this target in the coming days.”
Fauzee concluded by mentioning that the current focus is restructuring the employee pay structure.