MIFCO to be Separated from STO

The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, announced that the government is separating Maldives Industrial Fisheries Company (MIFCO) from the State Trading Organization (STO). 

The Minister also confirmed that the Ministry, the President’s Office, and relevant authorities have crafted a document on this separation, which will be presented to the cabinet in the coming week.

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Highlighting the government’s objective, Minister Shiyam stressed the administration’s policy to make MIFCO a company that closely works with local fishermen

The move is part of a 14-week plan, with President Dr. Mohamed Muizzu committed to transforming MIFCO into a standalone State-Owned Enterprise (SOE), separate from its current STO subsidiary status.

Shiyam, originating from Lhaviyani Atoll, known for its fishing activities, acknowledged MIFCO’s challenges within the STO framework. He emphasised collaborative efforts between fishermen, the Fisheries Ministry, and MIFCO to address these challenges and enhance problem-solving efficiency.

In addition, Shiyam mentioned ongoing initiatives to resume stalled sea operations. He plans to visit MIFCO facilities beyond Male’ next week to investigate project delays, particularly those related to storage challenges and the ice plant project. The Minister aims to explore measures to expedite these initiatives.

Regarding the construction of the ice plant, Minister Shiyam disclosed that Fenaka, who was initially assigned the task under MIFCO, has subcontracted the work to other companies. He affirmed the commitment to the prompt completion of the project.

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