Currently, the Maldives imports goods worth USD 700 million from China each year, including USD 19 million from Sichuan province alone.
Work has begun to establish a Chinese bank in the Maldives, Minister of Economic Development and Trade Mohamed Saeed announced today.
Speaking at the inauguration of the "Maldives-Sichuan Trade and Investment Cooperation Conference", the Minister highlighted the potential business opportunities in the Maldives. He stated that in addition to the establishment of a bank, the free trade agreement between the Maldives and China would offer numerous benefits, with the agreement's implementation set to commence in September.
Minister Saeed said that relevant laws have already been passed for the implementation of the agreement. Under the free trade agreement, a “local currency settlement” between the Maldivian Rufiyaa and the Chinese Yuan would enable Maldivian businesses to import goods from China using local currency instead of USD.
"The most urgent task is to enable businesses from both countries to conduct transactions using their respective currencies. An agreement between the People's Bank of China and the Maldives Monetary Authority (MMA) is also underway," he said.
Minister Saeed explained that converting dollar demand into Maldivian Rufiyaa and Chinese Yuan would facilitate the import of vegetables, fruits, construction materials, and technology items.
Currently, the Maldives imports goods worth USD 700 million from China each year, including USD 19 million from Sichuan province alone.
The conference, attended by over 100 participants from Sichuan Province and the Maldives, aims to enhance business relations and provide Chinese companies with information on investment opportunities in the Maldives.
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