The government is to establish a dedicated company to promote and market the fisheries products of Maldives, both locally and globally.

This was announced by President Dr. Mohamed Muizzu on Sunday, following a meeting with his Cabinet of Ministers.

As such, the announcement was made following deliberations on a paper submitted by the Ministry of Fisheries and Ocean Resources.

The company will be titled 'Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation'.

It will be a 100 percent state-owned company.

The Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation will be established in a bid to increase the profits of fisheries enterprises that include aquaculture, mariculture, and other marine resources by promoting and marketing fisheries products of the island nation.

Further, the company would also seek out new markets and promote them as premium products to international markets under a distinctive Maldivian brand.

President Muizzu also announced the decision to dissolve the previously established Maldives Fisheries Promotion Board.

Establishing a dedicated agency to promote and market Maldives fisheries products is a significant component of the Muizzu administration's 'Haftha 14' roadmap.