Maldives Industrial Fisheries Company (MIFCO) has distributed a total of USD 29 million to fishermen in the Maldives this year, according to recent reports. As of April 21, MIFCO has purchased 26,954 metric tons (MT) of fish, marking a 14% increase compared to the same period last year when 23,732MT of fish were purchased for USD 25 million.
The majority of the fish were processed at the Kooddoo Fisheries Complex, where 20,227MT were purchased for USD 22 million. Meanwhile, 3,577MT of fish were purchased for USD 3.5 million at the Felivaru Fisheries Complex, and 3,151MT of fish were purchased for USD 3.4 million at the Addu Fisheries Complex, highlighting the widespread reach of MIFCO’s operations.
MIFCO has stated that the fisheries sector in the Maldives is generating revenue without any significant issues, and the company aims to further expand its fish processing capacity to meet the growing demand. MIFCO plans to procure additional vessels and construct facilities in various regions of the country to support increased productivity among fishermen.
One of MIFCO’s plans includes bringing the fish processing facility in Funaddu, Thaa Atoll, into operation after securing funds. The company has stated that USD 15 million is needed for the project, which includes USD 6 million for facility renovation and USD 9 million for harbour development.