President Dr Mohamed Muizzu declared on Tuesday that the Maldives Industrial Fisheries Company Limited (MIFCO) is now a 100 percent state-owned enterprise. He made this announcement in a press conference held at the President’s Office, following today's Cabinet meeting.

The President stressed the importance of strengthening MIFCO to enhance the overall fisheries sector. Additionally, he revealed the decision to establish a special cooperative for fishermen, and integrate the cooperative as a shareholder in MIFCO.

Previously, MIFCO operated as a subsidiary of the State Trading Organization Plc (STO).