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Micronesia Fishing accounts for almost 80% of the total exports of the country. One of the main aspects of Micronesia Industry, the fishing industry in Micronesia is one of the most prospective sectors of Micronesia economy.
The waters surrounding the Federated States of Micronesia are rich reserves of fishes like tuna, yellow fin and skipjack. Micronesia fishing industry provides marine products for both the domestic as well as the international markets in US, Japan and other countries.
Various institutions are associated with Micronesia fishing. Micronesian Maritime Authority is responsible for the management, conservation and prevention of the fish resources of Micronesia. The aim of the National Fisheries Corporation of Micronesia is to encourage the improvement of Micronesia fishing.
A tuna processing plant has been set up in 1999 for the development of fishing industry in Micronesia. The plans for establishment of cold storage and fish processing plants are on the cards in the states of Micronesia like Kosrae and Pohnpei.
Foreign fishing companies dominate most of the fishing industry of Micronesia. The national institutions chiefly concentrate on the fish production for domestic purposes. Micronesia fishing has an immense scope of providing ample support to the economy of the country.
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