President Dr. Mohamed Muizzu officially established the Maldives Fisheries and Ocean Resources Marketing and Promotion Limited today. This government-owned company, fully owned with a 100% stake, has fixed liabilities.
The President initiated the formation of the company under the authority granted by Section 15 of the Companies Act (7/2023). The announcement was communicated through the presidential decree (Decree No. 03/2024).
The primary goal of this newly established company is to enhance the Maldives’ fishing industry, maximizing its social benefits by promoting and showcasing Maldivian products on the global stage. This encompasses products from aquaculture, mariculture, and all marine sources. To boost revenue, the company plans to introduce a unique brand for local fisheries, promoting it both domestically and in various promising international markets.