Minister Saeed departs to UK for key commonwealth trade talks

14 May 2024 | 15:18
Economic Minister Mohamed Saeed (Photo/ President's office)

Minister of Economic Development and Trade, Mohamed Saeed, embarks on a journey to the UK to participate in the Commonwealth Trade and Investment Roundtable, aiming to strengthen collaboration with UK financial sector participants.

Minister Saeed's visit follows his recent announcement on Sunday, where he revealed that, for the first time, the Development Bank in the Maldives will become operational in July.

According to economic ministry, the primary objective of Minister Saeed's visit is to seek assistance from UK financial institutions in developing a robust financial ecosystem in the Maldives.

Discussions will focus on the establishment of the Maldives International Financial Services Authority and Development Bank, pivotal institutions for driving economic growth and fostering financial stability.

During his visit, Minister Saeed will foster formal working relationships with UK financial services firms, aiming to modernize the legal framework, enhance financial sector infrastructure, and develop a comprehensive governance, strategy, and operations framework for International Financial Centers in the Maldives.

The agenda includes meetings with UK Government Officials and representatives from the House of Lords, as well as engagements with key stakeholders from the UK financial and professional services industry.

These discussions will explore avenues for cooperation and exchange expertise to facilitate the establishment of International Financial Centers in the Maldives.

Minister Saeed's visit underscores the Maldives' commitment to leveraging international partnerships and expertise to drive economic development and promote financial sector growth.

By engaging with UK financial sector participants, the Maldives aims to enhance its financial infrastructure and position itself as a competitive player in the global financial landscape.