The Industrial and Commercial Bank of China (ICBC), the world’s largest bank, is planning to open a branch in the Maldives, according to Minister of Economic Development and Trade Mohamed Saeed.
Minister Saeed shared the news in an exclusive interview with PSM News, following the signing of a memorandum of understanding (MoU) between the Maldivian government and the People’s Bank of China (PBOC).
Minister Saeed revealed that talks are currently underway to establish an ICBC branch in the Maldives. “[Discussions] include opening a branch of China’s largest bank, ICBC, in the Maldives. Negotiations are actively ongoing,” he said.
China’s engagement with the Maldives has expanded significantly in recent years. During an official visit to China in January this year, Maldives signed multiple trade and development agreements, including the Blue Economy Corporation Agreement and the Digital Sector Development Agreement.
The minister also highlighted the revival of the Free Trade Agreement (FTA) between the Maldives and China, initially signed in 2017 but delayed by the previous government. The FTA is expected to come into force this year, further boosting trade relations between the two countries.
“The Free Trade Agreement is complete and will be activated when both countries agree,” Saeed confirmed.
China currently spends approximately $700 million annually on imports from the Maldives, and the government anticipates that trade volume could reach $1 billion once the FTA is fully operational. The Maldivian government is also focused on creating a business-friendly environment, prioritising green and sustainable development to attract foreign investments.
