ICBC Branch Coming to Maldives as Trade Ties Strengthen

Minister of Economic Development and Trade Mohamed Saeed has announced that discussions are underway to establish a branch of the Industrial and Commercial Bank of China (ICBC) in the Maldives. This development follows a recent Memorandum of Understanding (MoU) between the Maldives and the People’s Bank of China (PBOC), which will facilitate transactions in both countries' currencies.

Minister Saeed detailed these plans during an interview with PSM News, highlighting that President Dr. Mohamed Muizzu’s visit to China earlier this year resulted in several significant agreements, including the Blue Economy Cooperation Agreement and the Digital Sector Development Agreement. These agreements, along with the proposed ICBC branch, aim to strengthen trade relations between the two nations.

The Minister also addressed the Free Trade Agreement (FTA) signed in 2017, which had faced delays under the previous administration. He noted that President Muizzu has activated the FTA this year, and it will become fully operational once final terms are agreed upon. With China currently exporting approximately USD 700 million worth of goods to the Maldives annually, the FTA is expected to boost this figure to USD 1 billion. The government is focused on creating an eco-friendly business environment to support this anticipated growth.