The Minister of Economic Development and Trade, Mohamed Saeed, announced on Tuesday that efforts are underway to open a branch of a Chinese bank in the Maldives. This development was revealed during the Maldives-Sichuan Trade and Investment Cooperation Conference.
Speaking at the opening ceremony of the “Maldives-China (Sichuan) Trade and Investment Cooperation Conference,” Minister Saeed highlighted the progress being made in establishing the new bank. Additionally, he emphasized that the Maldives will soon begin implementing the Free Trade Agreement (FTA) signed with China.
Minister Saeed urged Maldivian businessmen to take advantage of the opportunities available under the FTA, which is set to come into force next month. To facilitate this, the ministry plans to conduct workshops to provide entrepreneurs with the necessary information.
One of the key benefits discussed by Minister Saeed is the government’s initiative to allow payments for goods imported from China to be made in Maldivian rufiyaa, thereby reducing reliance on the US dollar. “An agreement is being signed with the People’s Bank of China and the Maldives Monetary Authority (MMA). This will enable importers of Chinese products to pay in Maldivian rufiyaa through a Maldivian bank,” said the minister.
Minister Saeed concluded by stating that the Maldives stands to gain unprecedented benefits from its FTA with China, marking a significant step forward in the country’s economic and trade relations with the region.
