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MIFCO Switches to Aquaculture

Economics Politics +2 more

MALDIVES - Maldives Industrial Fisheries Company Limited (MIFCO) change operations to aquaculture, following the government decision to manage Felivaru Fisheries Complex and Kooddu Fisheries Complex separately from MIFCO.

According to a report on haveeru, Ali Faiz, Managing Director of the main state-owned fisheries company said it is planning to carry out aquaculture projects on Kaduohgiri Island in Kaaf Atoll. The fish born at the hatchery will be cultured in cages in Bangaafaaru.

The report says that MIFCO needs around US$6.5 million for the project.

Faiz did not disclose the company’s future policies.

Kaduohgiri Island developed by MIFCO to export tuna products to Europe is still under the company.

State Minister for Finance and Treasury Ahmed Assad said that the breakup of the two main operation centres of MIFCO will ease the parent company’s management.

The government, on Wednesday, established Felivaru Fisheries Maldives Limited and Kooddoo Fisheries Maldives Limited,as limited liability companies with 100 per cent government shares, to manage Kooddu and Felivaru complexes, according to the report.