Maldives, Malaysia agree to develop preferential trade agreement

The Maldives and Malaysia have agreed to work towards establishing a preferential trade agreement as part of efforts to expand economic relations between the two countries, President Mohamed Muizzu said on Tuesday.

Muizzu made the announcement in a statement following official talks with Malaysian Prime Minister Anwar Ibrahim, who is visiting the Maldives at the President’s invitation.

“We agreed during these discussions to establish a preferential trade agreement. This will also create more opportunities for businesses in both countries,” Muizzu said.

The President also invited the Malaysian government and businesses to explore investment opportunities in the Maldives.

He identified renewable energy, digital infrastructure, construction and Islamic finance as sectors where Malaysian companies could invest.

“I invite investment particularly in opportunities available in renewable energy, digital infrastructure, construction and Islamic finance,” Muizzu said.

The two countries also discussed Malaysian assistance in developing halal tourism in the Maldives.

Muizzu thanked the Malaysian government for its support for Maldivians living in Malaysia and said the talks also addressed some of the difficulties faced by the Maldivian community there.

Malaysia is a significant trading partner of the Maldives. According to figures cited in the statement, Malaysia exported nearly USD 193 million worth of goods to the Maldives last year.