Minister of Economic Development and Trade Mohamed Saeed has stated that efforts are underway to open a branch of a Chinese Bank in the Maldives. The statement was made by the minister during the Maldives-Sichuan Trade and Investment Cooperation Conference.
Speaking at the ceremony, Minister Saeed highlighted the free trade agreement between the Maldives and China will be implemented next month, emphasising the importance of businesses to be aware of the opportunities this agreement will present. Hence, decisions have been made to hold a workshop to provide businessmen with pertinent information on the opportunities. The minister also noted that the Maldives will undoubtedly experience several benefits, following the implementation of the free trade agreement.
Additionally, Minister Saeed disclosed the government is committed to maximising the benefits for businesses. He mentioned that President Dr. Mohamed Muizzu is actively working to establish a branch of a Chinese bank in the Maldives, with preparations for this initiative already underway. The minister also indicated that allowing trade transactions, such as purchasing Chinese products, in the local currency will help reduce the Maldives' reliance on dollars.
Highlighting that trade opportunities worth USD1.2 million were currently in China's Sichuan Province, Minister Saeed stated that the government is exerting maximum efforts to establish a favourable environment for trade activities. The Maldives-Sichuan Trade and Investment Cooperation Conference aims to enhance bilateral relations, and was attended by some Cabinet ministers as well.