The Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, is set to open a branch in the Maldives, marking a significant step in enhancing economic ties between the two countries.
Economic Development and Trade Minister Mohammed Saeed announced the development in an interview with state media. The move follows discussions held earlier this year between President Dr. Muizzu and Chinese President Xi Jinping during Dr. Muizzu's state visit to China.
Minister Saeed explained that President Muizzu had presented several proposals to President Xi, including the establishment of an ICBC branch in the Maldives. This request was part of broader discussions aimed at bolstering joint investment, trade, business development, and increasing tourism flows between the two nations.
The establishment of an ICBC branch in the Maldives is expected to significantly support the Maldivian economy, which is heavily reliant on tourism. China is a major source of tourists for the Maldives, and the new financial services are anticipated to enhance and expand this vital sector.
Currently, the Maldives and China have an annual trade turnover of approximately USD 700 million. The new ICBC branch is expected to further facilitate trade and investment between the two countries, paving the way for increased economic collaboration.
Economic Development and Trade Minister Mohammed Saeed announced the development in an interview with state media. The move follows discussions held earlier this year between President Dr. Muizzu and Chinese President Xi Jinping during Dr. Muizzu's state visit to China.
Minister Saeed explained that President Muizzu had presented several proposals to President Xi, including the establishment of an ICBC branch in the Maldives. This request was part of broader discussions aimed at bolstering joint investment, trade, business development, and increasing tourism flows between the two nations.
The establishment of an ICBC branch in the Maldives is expected to significantly support the Maldivian economy, which is heavily reliant on tourism. China is a major source of tourists for the Maldives, and the new financial services are anticipated to enhance and expand this vital sector.
Currently, the Maldives and China have an annual trade turnover of approximately USD 700 million. The new ICBC branch is expected to further facilitate trade and investment between the two countries, paving the way for increased economic collaboration.
