President Ibrahim Mohamed Solih has stated fishermen will receive better rates for their catch starting from March. He made the remarks in his Presidential Address to the Parliament of the Maldives.
Delivering the address, President Solih assured fishermen that Maldives Industrial Fishing Company (MIFCO) will offer them better rates starting from March. The president said MIFCO will offer fishermen higher rates matching the rates in the global markets.
He also said a record number of fish were purchased by MIFCO last year and that the administration ensured that fishermen's dues were paid on time. He added that MIFCO will become financially self-sufficient in mid-2022 and would no longer be dependent on the State Trading Organisation (STO).
Furthermore, President Solih said the government will spend USD3.8 million this year to finance the installation of refrigerated seawater (RSW) systems on 118 fishing vessels. He also weighed in on the importance of the fishing industry to the economy and emphasised the improvements brought to the sector so far during his tenure.
The statistics show a record number of fish were caught in the past two years, and that MIFCO exported the most amount of fish products and earned the highest revenue in 2021.
The state-owned company stated the fishing industry has seen a significant recovery in December last year.