President Dr. Mohamed Muizzu has announced the establishment of a dedicated company focused on promoting and marketing Maldivian fisheries products both locally and internationally.
The decision follows discussions on a paper submitted by the Ministry of Fisheries and Ocean Resources. The company will reportedly be named Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFORMPC).
The government would allocate USD 2.7 million in the 2024 State Budget towards the establishment of this company.
The 100% state-owned enterprise will work towards increasing profits of fisheries enterprises that include aquaculture, mariculture, and other marine resources by promoting and marketing Maldives fisheries products.