China and Maldives sign Free Trade and OBOR cooperation agreements

China and Maldives sign Free Trade and OBOR cooperation agreements

Beijing, December 7 ( In a landmark event at the Great Hall of People here on Thursday, Maldives and China signed a Free Trade Agreement (MCFTA) as well as an MoU on cooperation in implementing China’s ambitious and prestigious One Belt One Road (OBOR) international connectivity project.

In all twelve agreements were signed  in the presence of the visiting Maldivian President Abdulla Yameen and the Chinese President Xi Jinping.

According to the Maldivian Presidents’ Office, the pacts signed are:

1 Free Trade Agreement between China and  Maldives.

2.MoU on cooperation within the Framework of the Silk Road  Economic Belt and the 21st Century Maritime Silk Road Initiative.

3. Agreement of Economic and Technological Cooperation.

4.MoU on Cooperation in Human Resource Development.

5. Exchange Letter on the China-Aid-Micro-Grid Seawater Desalination Project.

6. Exchange Letter on a Feasibility Study on the China-Aid Municipal Solid Waste Treatment and Recycling Project.

7. MoU between the National Health and Family Planning Commission of China and the Ministry of Health of the Maldives on Health Cooperation.

8.Protocol on the Establishment of Joint Ocean Observation Station between the State Oceanic Administration.

9. MoU between China Banking Regulatory Commission and Maldives Monetary Authority.

10. MoU for International Cooperation Planning between Ministry of Economic Development of the Republic of Maldives and China Development Bank.

11.Framework Agreement on Cooperation in Relation to the Joint Development of Airport Economic Zone Development in Hulhumale between the Housing Development Corporation Limited and the Beijing Urban Construction Group Corporation Limited.

12. Facility Agreement for “Design and Construction of Link Road Connecting Hulhule’ and Hulhumale’ Project between Housing Development Corporation and Industrial and Commercial Bank of China Limited.

Yameen Says It’s “Prime Time” for FDI in Maldives

Addressing the Business Leaders’ Forum President Yameen said that this is the “prime time”  to invest in the Maldives.

“The Maldives always welcomes foreign direct investments with open doors,” he said.

The President said that there is a mistaken belief that the Maldivian economy is small with limited business prospects. Many international investors in the Maldives, who know the market well, will  vouch for the fact that the Maldives is a luxury destination famous for visits by high net-worth individuals.

Highlighting the measures being taken by his administration to transform the Maldivian  economy, President Yameen underscored the special initiatives, including the development of Hulhumale’ Youth City and the development of Special Economic Zones.

The President noted that the Foreign Investment Act and the Special Economic Zones Act are in place today to ensure that foreign investments are protected. He welcomed investments that will assist in the Maldives’ economic transformation.

China Thanked

President Yameen highlighted the contribution and support of China in implementing his administration’s transformational plans for the Maldivian economy.

He expressed gratitude on behalf of the Government and people of the Maldives, to President Xi Jinping ,his government and the Chinese people  for their “generous support.”

The Maldivian President assured his government’s commitment to improving the long-standing bilateral relations between the Maldives and China.

(Maldivian and Chinese officials sign 12 agreements in the presence of the Maldivian President Abdulla  Yameen and the Chinese President Xi Jinping)