MIFCO says privatisation will benefit company
Fauzi said MIFCO's purchase of fish from fishermen at above market prices was a huge loss to the company.
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Privatising MIFCO will benefit the company's business and it will be a good decision, the national fisheries company's Managing Director Ismail Fauzi has said.
In an interview to Atoll Times on the occasion of Fishermen's Day observed on Sunday, Fauzi said MIFCO's purchase of fish from fishermen at above market prices was a huge loss to the company. As a result, the company is not getting the good profit it deserves, he said.
If privatised, such issues can be addressed, Fauzi said.
"It will be a boost for the company and our operations will be very efficient. Privatisation of the company can be beneficial," he said.
Fauzi said one of the main reasons for the company's increase in costs is the lack of modernisation of its fish procurement and processing operations. He pointed out that:
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Sometimes, fish are bought and chilled and carried from one plant to another in vessels which increases costs
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Privatisation will be a good solution to address these issues altogether
While the government has tried to privatise state-owned companies, it has decided to put on hold its privatisation policy in view of the slowdown in the economy due to the Russia-Ukraine war. The government has said that if there is any attempt to privatise companies at this juncture, it will have to do so at throwaway prices.
