MIFCO Logs Over 50 Percent Rise in Payments as Fisheries Activity Expands

The Maldives Industrial Fisheries Company (MIFCO) has reported a rise in both operational activity and financial payments to fishermen, reflecting renewed momentum in one of the country’s key economic sectors.

According to the latest figures, 234 vessels supplied fish to MIFCO during the most recent reporting period, a 41.8 percent increase compared to 165 vessels in the preceding week. Payments to fishermen also rose sharply, reaching USD 673,386.13, up 55 percent from USD 434,558.73 the week before.

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The busiest day was Thursday, when 45 vessels delivered their catch, resulting in disbursements totalling USD 180,956.88. MIFCO identified this as the most commercially productive day of the week.

The growth in fisheries operations coincides with President Dr Mohamed Muizzu’s development strategy, which places the sector at the centre of national economic planning. As part of this policy, the Ministry of Fisheries and Ocean Resources has launched a training initiative to encourage greater youth participation in the profession.

The programme is designed to generate interest among young Maldivians and provide them with the technical skills required for long-term involvement in the industry. Five participants under the age of 24, none of whom are currently registered as fishermen, have been selected for the pilot phase.

Training combines classroom learning with practical experience, particularly in pole-and-line fishing. Participants are being placed on leading skipjack and pole-and-line vessels, where they work under the supervision of experienced captains to gain hands-on knowledge of fishing operations.