Efforts Underway for ICBC Branch in Maldives, Says Economic Minister 

Minister of Economic Development and Trade Mohamed Saeed has announced ongoing efforts to establish a branch of the Industrial and Commercial Bank of China (ICBC) in the Maldives. 

This development follows the recent signing of a Memorandum of Understanding (MoU) between the Maldives and the People’s Bank of China (PBOC), aimed at facilitating transactions in both countries’ currencies.

advertisement

advertisement

advertisement

advertisement

In an interview with PSM News, Minister Saeed highlighted that President Dr. Mohamed Muizzu, during his official visit to China in January, signed several agreements including the Blue Economy Cooperation Agreement, the Digital Sector Development Agreement, and the Belt and Road Cooperation Agreement. Saeed indicated that discussions are progressing on various fronts to enhance trade relations, including the potential establishment of the ICBC branch.

Minister Saeed also noted that while a Free Trade Agreement (FTA) was signed with China in 2017, its implementation had been postponed by the previous administration. However, President Dr. Muizzu has now enacted the FTA, with full operational status pending the finalisation of terms between the two nations.

China currently exports approximately USD 700 million worth of goods to the Maldives annually. With the FTA in effect, this figure is projected to rise to USD 1 billion. The Maldivian government is committed to fostering a conducive, environmentally friendly business environment to support this anticipated growth.