President Ibrahim Mohamed Solih says the government will spit Maldives Industrial Fisheries Company from State Trading Organization STO this year and form an independent company this year.
He said this in his annual Presidential Address to the parliament to begin the sessions for this year.
President Solih said as the world went into mass lockdowns, bringing economic activity to a halt and shutting down sources of income, our ocean was the only place that was not deserted.
He said that In the last 15 years, last year’s fish purchase was the highest ever made by MIFCO and that Fishers are now guaranteed timely payments for their catch.
The President went on to say that commencing in March this year, MIFCO will raise the price per kilo of tuna. He also said that from then on, MIFCO's fish prices will be tied to global prices for tuna
He added that if prices are high in global markets, MIFCO will be able to buy fish at a higher price.
President Solih also outlined plans to make MIFCO an independent company by saying that MIFCO will be split from the State Trading Organization (STO) and established as an independent company this year.
He said that the level of income generated by the fish we catch depends on our capacity to adequately and safely store it and that this year, the country will begin issuing MVR 59 million in loans to install freezers in 118 fishing vessels.
