The government on Sunday, December 17, announced its decision to establish a new company to promote and market the fisheries products of the Maldives.
At the press conference, as a follow-up to the cabinet meeting on Sunday, President's Office Spokesperson Mohamed Shaheeb said that the new company will be focused on promoting fisheries products and services, including aquaculture and mariculture.
The company is tasked introducing new brand to sell fish as a premium commodity in international markets to boost fisheries industry revenue.
"The government has decided to establish the Fisheries and Ocean Resources Marketing and Promotion Corporation (FORMPC); as a 100 percent state-owned separate entity," Shaheeb said.
The cabinet further agreed to allocate MVR 37 million in the 2024 State Budget towards the establishment of the new corporation.
Previously, Fisheries Promotion Board was tasked with promoting Maldivian fisheries industry activities in the global market.
The company's establishment is one of the key pledges made by President Dr. Mohamed Muizzu.
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