Maldives President Dr. Mohamed Muizzu has announced his decision to convert Maldives Industrial Fisheries Company Limited (MIFCO) into a 100% state-owned enterprise.
The announcement was made during a press conference held following the recent cabinet meeting. During the presser, President Dr. Muizzu shared important decisions taken by the cabinet.
While highlighting the element in his manifesto to boost the fisheries sector, President Muizzu emphasized the transformation of MIFCO into a fully government-owned entity. In line with this commitment, the cabinet resolved to terminate its status as a subsidiary of State Trading Organization (STO).
The strategic move is focused towards bolstering the fisheries sector, by elevating MIFCO into an autonomous state-owned company, with its full discretion to operate. The move would also expedite the realization of commitments made to the fishers, and reinforce the government’s dedication to the sector’s growth.
The Minister of Fisheries and Ocean Resources Ahmed Shiyam said that the paper has been drafted on establishing MIFCO as a separate company. He added that the ministry is now working with relevant stakeholders and the President’s Office to separate MIFCO from STO, and grant it a separate legal entity’s status.