Maldives Industrial Fisheries Company Ltd
Hilaalee Magu, Male, Maldives 20389
T: +960 332-3932 | E: info@mifco.mv
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In order to facilitate and support investment into fishery
infrastructure, MIFCO understands that it is necessary
to identify fisheries infrastructure requirements in major
fisher communities; and to facilitate procurement
of financial and technical support to establish such
infrastructure.
Infrastructural investments include upgrading of the
refrigeration complex and cannery at the Felivaru Tuna
Processing Plant; establishment of freezing and cold
storage facilities at the Kooddoo Fisheries Complex
and Addu Fisheries Complex; provision of
ice plants; provision of fuel supply to fishing vessels.
MIFCO also undertakes programs to facilitate
the provision of fishery inputs to fishers and
fisher communities. Programs in the past include
mechanization of fishing vessels; provision of fishing
gear; provision of fishing vessels, installation of
navigational lights, and provision of capstans to
major fisher communities.
These programs promote
adoption of new and appropriate technology through
providing these inputs at less than commercial prices,
and providing the training required for their efficient
use. These programs were undertaken during the rapid
expansion phase of the harvesting sub-sector in the
1980s and early 1990s. They have since been reduced
in scope and some discontinued, with the maturation of
the harvesting sub-sector.
With the focus on the economic sustainability of the fishermen they are offered the right price for their catch despite the changes in the world market prices, and so fishermen are paid a fixed price throughout, even though MIFCO has to sell the products in a competitive market where prices fluctuate. However, this results a stable supply of fish even during the off season. To tackle the economic imbalance in this approach, value addition is used as a tool to fill the gap. The value added products generate a reasonable profit to sustain the operations economically. In addition to that, the government support to MIFCO at times to fill the financial gap makes sure that such fluctuations do not hinder the smooth operation.
The process of adding value to the fish collected by local fishermen not only creates more economic value, it also means that the final product reaches to the end users as “caught in Maldives” and “packed in Maldives”, creating awareness among the consumers towards the Maldivian fishery and the story behind it. With the help of MIFCO’s distribution partners, MIFCO strongly reaches world markets including USA, UK and other European countries.
The perspective at MIFCO stands in line with environmental goals for sustainable fishing. Among the many efforts, it is notable that MIFCO is now switching to environment friendly gas in collaboration effort with Ministry of Environment & Energy. While this enables environment friendly refrigeration techniques, MIFCO has targeted to minimize the fuel consumption rates of fishing vessels by positioning the MIFCO vessels closer to fishing grounds, also enabling fishermen to save time to sell the fish they collect. Reducing pollution being an important part of MIFCO’s environment focus, MIFCO has collaborated with PARLEY this year, to provide community education and infrastructure to help prevent, divert and reduce plastic pollution in the Indian Ocean. MIFCO has also been supporting “Farukoe” program initiated by the Ministry of Education to aware and educate students about the importance of protecting the beautiful reefs of Maldives - the home for many fish. MIFCO’s focus on educating the community regarding sustainable fishing is highly motivated by the positive outcomes of this interesting program targeted to the young minds of the nation.
Home ● About Us ● Products ● Operations ● Quality Assurance ● Sustainability ● Media ● Connect
All Rights Reserved © 2024 MIFCO