The Maldives Industrial Fisheries Company (MIFCO) has signed a Memorandum of Understanding (MoU) with the UK's Princes Group regarding the purchase of fish.
According to a press release issued by MIFCO today regarding the MoU, both parties have agreed to establish long-term commercial transactions between MIFCO and Princes Group. Under this transaction, the purchase of frozen tuna and Fasmeeru brand canned tuna produced in Felivaru, within standards agreed upon by both parties, is also included. Furthermore, the MIFCO press release stated that efforts will be made to strengthen fish purchasing standards and further expand business relations as part of this agreement.
The MoU was signed on behalf of MIFCO by the company's CEO, Brigadier General (Retired) Farhath Shaheer. On behalf of Princes Group, it was signed by the group's Chief Purchasing Officer, Neil Buchanan. Although it was stated that both parties signed the MoU sometime yesterday, MIFCO did not disclose where the signing took place.
Keyolha has confirmed from reliable sources that, under this MoU, in addition to Princes Group purchasing quality fish from MIFCO, training will be provided to fishermen. In this regard, by purchasing fish at standards agreed upon by both parties, it has been agreed to work together to resolve rejection issues before vessels depart from Kooddoo. Additionally, based on the outcomes of the ongoing cold storage and cannery expansion projects in the Maldives, it has been agreed to increase the "processed volume ratio" of fish sold to Princes Group. The "processed volume ratio" is the difference between the volume of frozen tuna and processed tuna.
