As part of the government’s ongoing strategic efforts to ensure fair compensation for fishermen, the Maldives Industrial Fisheries Company (MIFCO) has increased its fish purchase price to MVR 18.50 per kilogram, effective today.
MIFCO’s Managing Director, Mohamed Anas, stated that the company will continue to adjust prices based on market supply and demand dynamics, particularly during the current period of low fishing activity. The government’s primary objective is to maintain a price floor of MVR 16 and aims to further increase the purchase price to MVR 20 in the future.
To achieve these targets, several initiatives are underway, including expanding the operational capacity of fish processing factories and diversifying value-added products for international markets. Notably, as part of these efforts to broaden market access, the tariffs previously imposed on Maldivian fish exports to the United Kingdom have now been eliminated.
