India and Maldives forge stronger partnership amid diplomatic engagements
- In Reports
- 04:50 PM, Oct 07, 2024
- Myind Staff
In a significant step towards enhancing bilateral relations, India and the Maldives have announced the formation of a comprehensive economic and strategic partnership. The agreement was made during a meeting between Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu on Monday.
Following their discussions at Hyderabad House, President Muizzu remarked, “The Maldives will continue to be a committed friend, dedicated to our shared vision of peace and development in our nations and the wider region.” He invited PM Modi to visit the Maldives next year for the celebration of 60 years of diplomatic relations between the two countries.
PM Modi highlighted India’s role as the “first responder” for the Maldives in times of crisis, stating that India has been there during critical moments, including the COVID-19 pandemic and assistance with drinking water shortages. Both leaders agreed to initiate negotiations for a Free Trade Agreement to bolster economic ties.
During the meeting, five key agreements were signed, including a currency swap agreement. Other areas covered in the agreements were judicial training, anti-corruption measures, law enforcement training, and initiatives in sports and youth affairs. Furthermore, the leaders launched the Rupay card in the Maldives and inaugurated 700 social housing units along with a new runway at Hanimaadhoo International Airport.
Expressing gratitude for India’s support, Muizzu stated, “I extend my thanks to Prime Minister Modi and the Indian government for their generous assistance to the Maldives over the years, especially the recent budgetary support through the rollover of treasury bills. I appreciate the Indian government’s commitment to providing Rs 30 billion in support, alongside a $400 million bilateral currency swap agreement, which is crucial in addressing our foreign exchange challenges. Our talks today reflected our mutual commitment to strengthening the economic stability and resilience of the Maldives.” India has committed over $1.4 billion in financial aid for various infrastructure and development projects in the Maldives.
Ahead of his meeting with PM Modi, President Muizzu underscored the importance of financial assistance for his country, noting that Delhi is “fully aware” of the Maldives’ fiscal challenges and is always prepared to “ease the burden” as a key development partner.
Relations between the two nations have experienced tension since President Muizzu took office last November with an ‘India Out’ campaign. Earlier in the day, he received a ceremonial welcome from President Droupadi Murmu at Rashtrapati Bhawan, where PM Modi was also present.
Muizzu arrived in New Delhi on Sunday for his inaugural five-day bilateral visit and was greeted at the airport by Minister of State for External Affairs Kirti Vardhan Singh. His itinerary includes visits to Agra, Mumbai, and Bengaluru from October 6 to 10.
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