MIFCO to expand into agriculture in Funahdoo

State-owned fisheries company MIFCO on Monday announced plans to expand into agricultural ventures on Th. Funahdoo Island, which had a fish processing plant and was brought under the company's control in the previous government.

The facility, previously owned by a company associated with former DRP leader Ahmed Thasmeen Ali, was purchased by the government for MVR 22.8 million in early 2022 and subsequently handed over to MIFCO.

The fish factory in Funahdoo was in a state of disrepair when MIFCO acquired it, with an initial estimate suggesting that MVR 236 million would be required to bring it back into full operational capacity. While MIFCO continues its efforts to restore the facility, the company has shifted its focus toward developing agriculture in the surrounding areas.

MIFCO has recently held discussions with the Ministry of Agriculture to explore new avenues for agricultural growth. One of the key topics was the expansion of crop cultivation in Funahdoo, aiming to enhance the island’s agricultural potential. MIFCO also plans to evaluate the farmland on its various sites and formulate a comprehensive plan for agricultural development.

The initiative goes beyond Funahdoo, with additional discussions focusing on increasing livestock, such as goats and chickens, at MIFCO’s existing factory sites in Lh. Felivaru and GA. Kooddoo. These efforts are part of a broader strategy to diversify operations and reduce costs by producing food locally.

As part of the agricultural expansion, MIFCO has outlined several key steps:

MIFCO has already begun small-scale farming at some of its sites to reduce the cost of maintaining employee quarters. In addition to growing crops, the company earns revenue by raising and selling livestock such as goats and chickens. This approach not only lowers operational costs but also diversifies the company’s income streams.