After four year since the Federated States of Micronesia declared a 200 miles Extended Fishery zone (1979) and gaining financial benefits from the foreign access fishing fees, the FSM leaders decided that perhaps, it wil be appropriate for FSM-owned companies and its people to venture into the tuna fishing industry. The objective was to capture more of the benefits from the Nation’s single largest resouce. As a result, in 1983 the FSM Congress established the National Fisheries Corporation (NFC) under Public Law 3-4. Its main purpose is to promote the development of the pelagic fisheries and its related industries for the benefit of the FSM people. The aim was to develope commercial tuna fisheries development on its own, with the individual States’ entities and or foreign interest through joint ventures.

Commencement NFC’s operation started in 1987, but during the first few years, it focused mainly on developing business plans and training of citizens for tuna longtime fishing. Therefore, its activities shifted to investment in tuna purse seining, longtime fishing, locally owned share side facilities and support services for the industry.