Saudi Arabia's Cabinet has approved a Memorandum of Understanding (MoU) on strengthening trade relations with the Maldives.
The Maldives and Saudi Arabia signed an MoU on 1 October last year to strengthen economic and trade relations. The MoU was signed between the Maldives' Ministry of Economic Development and Trade and the Kingdom of Saudi Arabia's General Authority of Foreign Trade.
In a post shared on social media, the Ministry of Economic Development and Trade said the Council of Ministers of Saudi Arabia had approved the MoU signed between the two countries. The MoU will facilitate further strengthening of trade relations between the two countries, the Ministry said. The partnership supports the goals of President Dr Mohamed Muizzu and Saudi Arabia’s Crown Prince Mohammed bin Salman, and aims to enhance commercial cooperation for mutual benefit, the Ministry added.
As part of the MoU, a special trade forum will be held in the Maldives according to Minister of Economic Development and Trade Mohamed Saeed.