Maldives President Dr. Mohamed Muizzu has established the Maldives Fisheries and Ocean Resources Marketing and Promotion Limited (MFORMPL) on February 4, 2024.
The new government-owned company, fully vested with 100% of the state’s stake, carries fixed liabilities, reports the President’s Office.
President Dr. Muizzu set up the company per the authority granted to him under Section 15 of the Companies Act (7/2023), and the announcement was made by the President in the decree (Decree No. 03/2024).
The Maldives President established the new company with the primary objective of expanding the Maldivian fishing industry, and enhancing the social benefits by promoting and advertising Maldivian products across the global market.
The objectives include promotion and advertisement of key products from aquaculture, mariculture, and all marine sources.
The company would boost its revenue with the launch of distinctive brand for local fisheries, advertising the new brand locally and in various lucrative international markets.