Pakistan has set a target of increasing bilateral trade with the Maldives to USD 200 million over the next two years, a substantial increase from the current trade volume of USD 13.9 million, as the two countries seek to strengthen economic cooperation.
Pakistani Prime Minister Shehbaz Sharif announced the target during a joint press statement with President Dr Mohamed Muizzu in Islamabad on Wednesday, following bilateral discussions held as part of the Maldivian President’s ongoing state visit.
The proposed increase represents more than a fourteenfold expansion in trade between the two countries, reflecting Pakistan’s ambition to develop stronger commercial ties with the Maldives.
Speaking alongside President Muizzu, Prime Minister Shehbaz acknowledged that although the Maldives and Pakistan have maintained close diplomatic relations for decades, their economic partnership has not developed to the same extent.
He stressed the importance of translating the longstanding friendship between the two countries into greater trade, investment and practical cooperation.
The Pakistani leader said both governments would work towards expanding commercial exchanges while accelerating the implementation of the 20 bilateral agreements exchanged during President Muizzu’s visit.
The agreements cover a broad range of sectors, including healthcare, education, defence, trade, transport, technology and maritime security.
Among the arrangements is an agreement between the State Trading Organization (STO) of the Maldives and the Trading Corporation of Pakistan (TCP), establishing a framework for cooperation in supplying essential commodities to the Maldives.
The agreement could provide opportunities for closer commercial engagement between the two state trading institutions, although specific supply arrangements and financial terms have not been disclosed.
Prime Minister Shehbaz said Pakistan was prepared to extend assistance to the Maldives in areas where it could contribute, particularly in strengthening economic ties and supporting human resource development.
He highlighted opportunities to provide training for Maldivians in defence, education and healthcare, sectors in which the two countries have maintained cooperation over the years.
The bilateral discussions also addressed regional and international developments, alongside opportunities to expand existing partnerships and identify new areas of collaboration.
The Pakistani Prime Minister emphasised that the successful implementation of the agreements would be a priority, indicating that both countries intended to pursue practical outcomes from the commitments made during the visit.
The proposed USD 200 million trade target represents a significant ambition given the relatively modest scale of current bilateral commerce.
At USD 13.9 million, existing trade between the Maldives and Pakistan remains limited compared with the level of diplomatic engagement and cooperation maintained between the two countries.
Reaching the new target would require a substantial increase in commercial activity, including the development of stronger trading relationships and opportunities for businesses in both markets.
For the Maldives, which depends heavily on imports to meet domestic demand, closer trade cooperation could create additional sourcing opportunities for essential goods and other products.
Pakistan, meanwhile, has an established agricultural and manufacturing base, offering potential areas for greater commercial exchange.
However, the two governments have not yet outlined a detailed implementation plan or specific annual milestones for achieving the proposed trade target.
Prime Minister Shehbaz also welcomed President Muizzu’s visit, describing it as an important occasion for Pakistan and expressing confidence that relations between the two countries would continue to develop.
He referred to the longstanding friendship between the Maldives and Pakistan and said both countries shared a history of mutual support and cooperation.
The Maldives and Pakistan established diplomatic relations in 1966 and are marking the 60th anniversary of their formal ties this year.
Over the decades, the two countries have cooperated in areas including agriculture, healthcare, infrastructure development, education and strategic affairs.
President Muizzu’s visit, undertaken at the invitation of Prime Minister Shehbaz, is the first by a Maldivian head of state to Pakistan in 11 years.
The visit has included high-level bilateral talks and the exchange of 20 agreements intended to expand cooperation between government institutions and other organisations.
With both governments now seeking to strengthen their economic relationship, attention will turn to how the agreements are implemented and whether the ambitious trade target can be translated into sustained commercial growth over the next two years.
