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Economy/Local
Local Fishermen, Photo Credit: Zuvaan Masveriya

MIFCO to Transition to Renewable Energy in Cost-Cutting Initiative

2024-05-27 05:24:10
Aishath Hussain
Minister of Fisheries and Ocean Resources Ahmed Shiyam announced that Maldives Industrial Fisheries Company Limited (MIFCO) will begin practical efforts to transition its factories to renewable energy sources later this year. This move is part of the ministry's broader initiative to reduce operational costs and enhance sustainability, as highlighted in a review of the administration's achievements over the past six months.

Minister Shiyam emphasized that the initiative aims to lower expenditures at fish processing factories by amending current policies, thereby reducing costs for both the factories and fishing vessels. The focus will be on optimizing renewable energy usage, particularly at MIFCO factories, which currently incur the highest expenses. The goal is to convert 35% of these costs to renewable energy.

Efforts are already underway to convert fish processing factories in Kooddoo (Gaafu Alif Atoll) and Felivaru to renewable energy sources. Additionally, the minister highlighted the need for design changes in fishing vessels to decrease the export of raw fish and boost value-added processing.

This initiative demonstrates the administration's commitment to sustainable practices and cost-efficiency in the fisheries sector.

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