President Dr Mohamed Muizzu has established Maldives Fisheries and Ocean Resources Marketing and Promotion Limited today. This Government owned company, fully vested with a 100% stake, carries fixed liabilities.
The President 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 industry, and enhancing its social benefits by promoting and advertising Maldivian products on the global market. This 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.