Maldives Industrial Fisheries Company (MIFCO) celebrates 24 years of service in production, processing and marketing of fish and fish products. Established in 1993, the company was relocated as a subsidiary of State Trading Organization (STO) in September 2016 by the Maldives Cabinet.
One of the key manufacturers and exporters of frozen fish and fish products has a history dating back to 1979 when Maldives Nippon Corporation was formed, in partnership with Marubeni Corporation of Japan in order to process and can fresh tuna. The same year, Maldives Fisheries Corporation was made to benefit from fish fortune. Later MFC was renamed the Fisheries Projects Implementation Department (FPID), which was transformed into MIFCO in 1993.
With a history so long, the company has experienced ups and downs along the way. There was even a time when the company owed MVR 6 million to local fisherman for the purchase of fish on credit and another MVR 100 million to STO for the purchase of fuel.
Even with issues, the company has seen development in the past 24 years. In an interview with Sun Media, Managing Director of MIFCO, Mr Adli Ismail stated that the company’s greatest achievement is being able to upgrade the Felivaru plant. The factory which was an 8 Tonne factory has been converted to 50 Tonne factory. Additionally, computers and machinery have been implemented to make processes easier and faster.
Even the vessels used by the company have been upgraded to good quality ones. Mr Adli also highlighted that the upcoming year will be a good year as the factory and equipment are in very good conditions. He also added that in order to improve the quality of export items, fresh fish will be packaged in pouch starting from November 2017.
In an economy, which depends heavily on fishing and export of fish and seafood products, a company such as MIFCO plays an important role in bringing benefits to the society. When steered in the right direction as it is being done now, the company will regain strength and see prosperous days ahead.