President Dr Mohamed Muizzu has announced the establishment of a dedicated company to promote and market Maldives fisheries products locally and internationally.
This decision followed discussions on a paper submitted by the Ministry of Fisheries and Ocean Resources. The company is to be named the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation. The government has decided to allocate USD2.7 million in next year's state budget for the establishment of the company.
The 100% state-owned enterprise aims to increase the profits of fisheries enterprises that include aquaculture, mariculture, and other marine resources by promoting and marketing Maldives fisheries products. In addition to seeking out new markets, the company would promote them as premium products to international markets under a distinctive Maldivian brand. The President also decided to dissolve the previously established Maldives Fisheries Promotion Board.
Establishing a dedicated agency to promote and market Maldives fisheries products is a key component of the Administration's roadmap for the first 14 weeks.