MIFCO Raises Fish Purchase Price to $1.20 to Support Local Fishermen

The Maldives Industrial Fisheries Company (MIFCO) has increased the purchase price of fish from local fishermen to USD 1.20 per kilogram. The adjustment, which took effect this week, aims to provide financial stability to the fishing community during a period of declining catches across the country. Mohamed Anas, Managing Director of MIFCO, stated that the government remains committed to ensuring fishermen receive the best possible rates. While noting that prices fluctuate based on market demand and supply, Anas expressed optimism that rates will continue to improve as the fishing season progresses. To safeguard the livelihoods of the nation's fishers, the government has established a price floor, pledging that the purchase price will not drop below USD 1.03. While the price for skipjack tuna has seen this recent increase, the rate for yellowfin tuna remains unchanged. Historically, the average purchase price has fluctuated between USD 1.10 and USD 1.17. MIFCO will implement the revised pricing across its processing factories in Felivaru, Kooddoo, and Addu City. Additionally, the new rates apply to fish collected from key ports, including Thinadhoo, Faresmaathodaa, Gadhdhoo, Ihavandhoo, and Fuvahmulah City. Looking ahead, the government intends to push the purchase price further to USD 1.29 through a phased strategic approach. This plan involves expanding factory capacities, increasing the variety of value-added fish products, and aggressively boosting exports. MIFCO is also working to establish a nationwide network of outlets to make these fish products more accessible to the local public. External market conditions are also improving for the industry. The United Kingdom recently decided to reduce taxes on fish products imported from the Maldives. This move is expected to make Maldivian fish more competitive in the UK market, potentially driving further demand and higher prices for local producers.