Minister of Economic Development and Trade Mohamed Saeed has announced that efforts are underway to open a branch of the Industrial and Commercial Bank of China (ICBC) in the Maldives. He made the statement during an exclusive interview with PSM News, following the signing of a Memorandum of Understanding (MoU) between the Maldives and the People's Bank of China (PBOC) to facilitate current account transactions in both nations' currencies.
Speaking to PSM News, Minister Saeed noted that President Dr. Mohamed Muizzu, during his official visit to China in January this year, signed several trade and development agreements with the country. He said that these include the Blue Economy Cooperation Agreement, the Digital Sector Development Agreement, and the Belt and Road Cooperation Agreement. He also added that numerous discussions have taken place to strengthen trade ties, including the establishment of an ICBC branch, with talks currently ongoing to realise this goal.
Additionally, Minister Saeed highlighted that although the Maldives signed a Free Trade Agreement (FTA) with China in 2017, its implementation was delayed by the previous administration. He, however, said that President Dr. Muizzu has brought the FTA into effect this year. He also said that the agreement will be fully operational once both countries finalise the terms.
China currently imports approximately USD 700 million worth of goods to the Maldives annually. With the FTA in place, this figure is expected to increase to USD 1 billion. The government is working to create a favorable, eco-friendly business environment to support this growth.