President Dr. Mohamed Muizzu has established Maldives Fisheries and Ocean Resources Marketing and Promotion Limited. The state-owned company is fully vested with a 100% stake and carries fixed liabilities.
President Dr. Muizzu set up the company per the authority vested under Section 15 of the Companies Act (7/2023). The announcement was made by the President in the decree (Decree No. 03/2024).
The company was founded with the primary objective of expanding the nation’s fishing sector, and enhancing its social benefits by promoting and advertising Maldivian products on the global market. It includes products from aquaculture, mariculture, and all marine sources. To boost revenue, the company will launch a distinctive brand for local fisheries, advertising it locally and in various lucrative international markets.
President Dr. Muizzu's manifesto prioritises fishermen to grow the fishing sector and boost its profitability. Since assuming office, he is addressing the issues of fishermen and industry development. He also decided to establish the company on December 17 last year, following Cabinet advice.