Maldives to Establish Chinese Bank and Implement FTA with China

Speaking at the "Maldives-China (Sichuan) Trade and Investment Corporation Conference," Saeed also emphasized the commencement of implementing the free trade agreement (FTA) signed earlier between the Maldives and China.

The minister highlighted that relevant statutes have been enacted to ensure the FTA's implementation, which will guide local businesses and entrepreneurs on investment and growth opportunities. To disseminate this information, the government plans to host workshops for relevant stakeholders.

The FTA includes a "currency settlement" agreement, enabling the use of Maldivian rufiya and Chinese yuan in transactions instead of US dollars, reducing dependency on the dollar. "One of our top objectives is to allow businesses in both countries to use their native currencies for transactions. The People's Bank of China and MMA are currently discussing this," Saeed stated.

Saeed expressed optimism about the FTA, citing significant benefits for the Maldives. He noted that over MVR 19 million worth of goods are imported from China's Sichuan province alone, making the FTA a crucial advancement for Maldivian entrepreneurs.