Maldives Industrial Fisheries Company (MIFCO) has announced it has begun offering higher rates for fishermen. In a press release, MIFCO stated its centres will now offer USD1.10 per 1kg of catch.
In the Presidential Address to the Parliament of the Maldives in February, President Ibrahim Mohamed Solih vowed fishermen will receive better rates for their catch starting from March. The president said MIFCO will offer fishermen higher rates matching the rates in the global markets.
Speaking to PSM News, Chief Executive Officer (CEO) Ismail Fauzee said all MIFCO centres will now offer USD1.10 per 1kg of frozen fish and USD0.97 for unfrozen fish, while previously the rates were USD1.04 for frozen fish and USD0.90 for unfrozen fish. He said the hike in the rate results in an increase of USD65 per tonne, and that MIFCO intends to further increase the offered rates.
Furthermore, CEO Fauzee noted the expenditure in making fish products has increased due to the increase in the cost of packing material, oil, and other materials needed for manufacture. However, he assured customers that no changes will be made to the price of MIFCO products, especially during the month of Ramadan when sales are at their highest. He added MIFCO will keep its products stocked and available throughout the coming months.
The company has begun its annual Ramadan promotion, in which customers receive a coupon for every purchase exceeding USD13 and receive the chance to win a USD 324 gift voucher every week and win a prize of USD7,000.