The Industrial and Commercial Bank of China (ICBC), the world's largest bank, is set to establish a branch in the Maldives. According to Minister of Economic Development and Trade Mohamed Saeed, this development follows the signing of a memorandum of understanding (MoU) between the Maldivian government and the People's Bank of China (PBOC).

In an exclusive interview with PSM News, Minister Saeed confirmed that discussions are underway to open an ICBC branch in the Maldives, marking another step in the strengthening of economic ties between the two nations.

“Negotiations are actively ongoing to bring ICBC, China’s largest bank, to the Maldives,” Minister Mohamed Saeed Stated

Minister Saeed also noted the revival of the Free Trade Agreement (FTA) between the Maldives and China, originally signed in 2017 but delayed by the previous administration. The FTA is expected to come into effect this year, further enhancing trade relations between the two countries.

Currently, China imports around $700 million worth of goods annually from the Maldives, and this figure is projected to reach $1 billion once the FTA is fully implemented. The Maldivian government is also working to foster a business-friendly environment with a focus on sustainable, green development to attract further foreign investments.