MIFCO facing same challenges as private sector, says minister
Shiyam also stated that the government is assisting companies in reducing domestic transport and export-related costs.
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Ahmed Shiyam said on Tuesday that the state-owned Maldives Industrial Fisheries Company is facing the same operational challenges as private fisheries companies due to the ongoing conflict in the Middle East.
Speaking at a press conference held by the ministerial committee established by President Mohamed Muizzu to address the impact of the conflict, Shiyam said rising air freight costs remain one of the main challenges affecting fish exports.
According to the minister, the government is currently holding discussions with airlines regarding possible adjustments to freight charges.
He said that while the government cannot directly control international freight rates, efforts are underway to reduce the burden on exporters.
Shiyam also stated that the government is assisting companies in reducing domestic transport and export-related costs.
Referring to private sector fisheries businesses, the minister said direct financial assistance may not be possible but added that the government is taking measures to reduce operational expenses.
According to Shiyam, the government is also working with local councils to provide concessions for fish processing facilities operating on islands across the country.
“The challenges for processing companies remain significant,” Shiyam said.
“However, the government acknowledges that whether it is a private firm or a State-Owned Enterprise like MIFCO, which purchases the bulk of the catch from fishermen, the difficulties are shared. MIFCO's operations are no less affected than those of the private sector.”
