Maldives Establishes State-Owned Corporation to Promote Fishery Products

The Maldives government has established a new state-owned corporation, the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation, to promote fisheries products under a unique Maldivian brand. The decision was made in a cabinet meeting on Sunday. The corporation will require an investment of MVR 37 million from next year's budget. It replaces the dissolved Maldives Fisheries Promotion Board. The corporation will operate similarly to the Maldives Marketing and Public Relations Corporation (MMPRC) for tourism. The government aims to augment profits of fisheries enterprises by seeking new markets and positioning products as premium. The new Maldives Fisheries Act was passed in September 2019, promoting sustainable fishing methods. However, the World Bank notes challenges including lack of governance, technological deficiencies, and poor business environment.

The Maldives government has established a new state-owned corporation, the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation, to promote fisheries products under a unique Maldivian brand. The decision was made in a cabinet meeting on Sunday. The corporation will require an investment of MVR 37 million from next year's budget. It replaces the dissolved Maldives Fisheries Promotion Board. The corporation will operate similarly to the Maldives Marketing and Public Relations Corporation (MMPRC) for tourism. The government aims to augment profits of fisheries enterprises by seeking new markets and positioning products as premium. The new Maldives Fisheries Act was passed in September 2019, promoting sustainable fishing methods. However, the World Bank notes challenges including lack of governance, technological deficiencies, and poor business environment.

The Maldives government has established a new state-owned corporation, the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation, to promote fisheries products under a unique Maldivian brand. The decision was made in a cabinet meeting on Sunday. The corporation will require an investment of MVR 37 million from next year's budget. It replaces the dissolved Maldives Fisheries Promotion Board. The corporation will operate similarly to the Maldives Marketing and Public Relations Corporation (MMPRC) for tourism. The government aims to augment profits of fisheries enterprises by seeking new markets and positioning products as premium. The new Maldives Fisheries Act was passed in September 2019, promoting sustainable fishing methods. However, the World Bank notes challenges including lack of governance, technological deficiencies, and poor business environment.

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