The Maldives Fisheries and Ocean Resources Marketing and Promotion Limited has been established.

President Dr. Mohamed Muizzu established Maldives Fisheries and Ocean Resources Marketing and Promotion Limited as a state-owned company, on Sunday.

The Maldives Fisheries and Ocean Resources Marketing and Promotion is fully vested with a 100 percent stake of the government and carries fixed liabilities.

The company was established under the powers vested to the president under Section 15 of the Companies Act (7/2023).

It was established with a purpose of expanding the country’s fishing industry as well as to enhance its social benefits.

This will be done by promoting and marketing Maldivian products across the international market.

The products to be promoted include products from aquaculture, mariculture, and all marine sources.

The company will be launching a distinctive brand for local fisheries, advertising it locally and in various lucrative international markets in a bid to boost the country’s revenue.