The Minister of Fisheries, Dr. Mohamed Shiyam, has announced that the Maldives Industrial Fisheries Company Limited (MIFCO) is now capable of operating independently without government reliance. He attributed this development to increased competition and growing investor interest in the fishing industry.
Speaking to MM TV, the minister emphasized that MIFCO's decision to purchase fish at international market prices has significantly boosted industry competitiveness. He highlighted that this change has attracted more investors to the sector and increased confidence among foreign investors and banks.
He further stated that with more companies entering the market, foreign investors recognize the fishing industry as a promising sector. The improved outlook has led banks to be more willing to provide loans to businesses in the industry.
The government is also working to further develop the sector, including implementing measures to ensure that fishermen are paid within 48 hours of their catch. This move is aimed at promoting financial stability for fishers and enhancing the overall growth of the fishing industry.
Speaking to MM TV, the minister emphasized that MIFCO's decision to purchase fish at international market prices has significantly boosted industry competitiveness. He highlighted that this change has attracted more investors to the sector and increased confidence among foreign investors and banks.
He further stated that with more companies entering the market, foreign investors recognize the fishing industry as a promising sector. The improved outlook has led banks to be more willing to provide loans to businesses in the industry.
The government is also working to further develop the sector, including implementing measures to ensure that fishermen are paid within 48 hours of their catch. This move is aimed at promoting financial stability for fishers and enhancing the overall growth of the fishing industry.
