CEO of MIFCO Adlee Ismail have said that the price of fish in the international markets fluctuate often based on the global fishing industry and it can be only stopped by exporting more and more value-added products.
Speaking to the press at the Head Office of MIFCO, Adlee said that when the supply of fish increases, the price of the fish goes down. He said that even though the price of raw fish fluctuates in the global markets, value added products like canned fish have a stable market.
“We want to give the best price to the fishermen. That can be done by changing all our exports to value added products. We are working for that” said Adlee.
Adlee said that MIFCO faced financial problems before because even though the price of fish changes in the global markets, MIFCO did not change the price they buy fish from the local fishermen. “Even when the price of fish was MVR 12 in the world markets, we bought for MVR 19 from fishermen. It costs a lot import it. We have to freeze it and pay freight charges” said Adlee.
Adlee said that they are forced to buy at these prices from the fishermen because if not they fishermen cannot continue fishing. In addition, he said that when MIFCO was decentralized, Koodoo made profits but the money was given to the government. “If it was spent at least on developing Koodoo harbor it would have been a huge accomplishment. The harbor of Koodoo is very small and they face many challenges as a result.
Adlee said that the Felivaru cannery is being developed and situation of Koodoo is being improved as well. He said that MIFCO is getting ready for the fishing season. In addition he said that the recent loan given to MIFCO by the government have to be returned after five years.
Challenges to the fisheries industry can be solved by exporting value added products: Adlee
