Govt establishes company to market fish products

The local fish market in Male' City on April 12, 2021. (Sun Photo/Fayaz Moosa)

President Dr. Mohamed Muizzu has established a new state-owned enterprise to market and promote Maldivian fisheries products in the global market.

The Maldives Fisheries and Ocean Resources Marketing and Promotion Limited was established on Sunday, through the powers vested in the president under Article 15 of the Companies Act.

According to the President’s Office, the 100 percent state-owned company carries fixed liabilities.

President’s Office said that the company was founded with the primary objective of expanding the Maldives’ fisheries 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.

According to the President’s Office, the company will launch a distinctive brand for local fisheries, advertising it locally and in various lucrative international markets, in order to boost revenue.

The creation of a dedicated agency to market Maldivian fish products is on the administration’s ‘Hafthaa 14’ roadmap.

In his address at the National Fishermen’s Day function in December, President Muizzu said that the promotion of Maldivian fish products in the international market had been sorely neglected in the past, but that he finds it imperative to explore new markets.

“We are working on creating a dedicated agency to market and promote Maldivian fisheries products by including it in the ‘Hafthaa 14’ program. Through this agency, we will create a designated brand for Maldivian fish products, and market and promote it in international markets,” he said.

President Muizzu said that it will create the opportunity to fetch a premium rate for Maldivian fish products.

He noted that 65 percent of skipjack tuna are currently exported as frozen fish, which allows international fish processors to fetch a huge undue profit from the fish Maldivian fishermen catch using environment friendly methods.

He said that it is something that must change.