MIFCO to buy fish at global market price starting tomorrow

After months of buying fish from local fishermen at prices higher than global market rates and facing difficulties in making payments, MIFCO has finally decided to pay global rates for the fish they purchase locally.

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From MIFCO's new boat launching ceremony -- Photo: Fayaaz Moosa | Mihaaru

Ameera Osmanagic

2024-06-30 18:36:42

State owned enterprise Maldives Industrial Fisheries Co. Ltd (MIFCO) will start buying fish from local fishermen at global market prices instead of its previously decided rates starting tomorrow.

In a statement released by MIFCO today, the company said that the expenses of the company in terms of purchasing fish from fishermen, processing and selling is much higher than the income generated from selling fish at international markets.

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