Following the sitting of Executive Council on Tuesday 12 December 2023 a paper was approved to provide additional funding of £1 million to the Falkland Islands Meat Company (FIMCO). The paper was also approved at Standing Finance Committee.
The additional £1 million which was paid in December 2023, will support FIMCO through the increasing challenges on the global meat market and the additional competition by other international meat sellers. In order to retain and attract to new market FIMCO is also working towards full British Retail Consortium (BRC) and Halal Food Authority (HFA) accreditation.
As part of the agreement for this additional fund, there will be Governance changes to FIMCO including two FIG nominated Directors and for the FIDC Managing Director to Chair the Board of Directors. A new strategy is currently being implemented and the monitoring of this will be through key performance management and reporting.
Portfolio Holder for Natural Resources, MLA Teslyn Barkman said: “This investment is essential to support FIMCO in navigating the evolving challenges of the global meat market and the heightened competition from international sellers. Looking to the future, the team have been working hard to secure accreditation to BRC and HFA and improve global market opportunities for the business. We are also pleased to see the implementation of a new strategy, coupled with robust performance management and reporting, that will also contribute to the growth of FIMCO.”