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Business Standard
6 days ago
- Business
- Business Standard
India, Maldives sign 8 key deals across finance, digital, fisheries sectors
India and the Maldives on Friday exchanged eight key agreements covering a wide range of sectors, including Line of Credit, debt repayment, fisheries, digital transformation, and Unified Payments Interface (UPI), in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu. "Delighted to exchange eight Agreements related to Line of Credit, debt repayment, FTA, fisheries & aquaculture, digital transformation, pharmacopoeia and UPI in the presence of PM @narendramodi and President @MMuizzu today in Male," External Affairs Minister S. Jaishankar posted on X. Confirming the development, the President's Office of the Maldives stated, "President witnesses exchange of key MoUs and agreements between the Maldives and India." The exchange of agreements set the tone for high-level discussions that followed, as Prime Minister Narendra Modi and President Mohamed Muizzu took stock of the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership', with the Prime Minister reiterating India's commitment to deepening bilateral ties under its "Neighbourhood First" and Vision MAHASAGAR policies. PM Modi, who is on a two-day visit to Maldives, met President Muizzu at the President's Office in Male. President Muizzu appreciated India's commitment of being the First Responder for Maldives when it came to dealing with any crises. The two leaders discussed cooperation in the fields of development partnership, infrastructure support, capacity building, climate action and health. They also called for further strengthening defence and maritime security cooperation and, in this regard, noted the collaboration between the two countries under the Colombo Security Conclave. The two leaders also reviewed the economic partnership between the two countries. Prime Minister underscored that the proposed Free Trade Agreement and the Bilateral Investment Treaty would open new opportunities for both sides. Noting that the two countries must take advantage of the digital economy, especially to promote tourism, he welcomed the recent understandings on UPI adoption, acceptance of RUPAY card and trade in local currencies. The two leaders highlighted that the close development partnership between the countries was adding new value to the already strong people-to-people ties. The two leaders noted that, as Global South partners, they would continue to work on issues such as climate change, promotion of renewable energy, disaster risk reduction and weather science in the interests of the planet and its people. Prime Minister thanked President Muizzu for his strong condemnation of the Pahalgam terror attack, and the solidarity extended to India in the fight against terrorism. The two leaders witnessed exchange of six MOUs in the fields of fisheries and aquaculture, meteorology, digital public infrastructure, UPI, Indian pharmacopoeia and concessional Line of Credit. The new Line of Credit offers Rupees 4850 crores [ approx $550 million] in support of infrastructure development and other activities in Maldives. An Amendatory Agreement for the existing LoCs was also exchanged. It reduces Maldives's annual debt repayment obligations by 40% [from $51 million to 29 million]. Both sides also exchanged Terms of Reference of the proposed Free Trade Agreement. The two leaders also virtually inaugurated a roads and drainage system project in Addu city and six High Impact Community Development Projects in other cities. Prime Minister handed over 3,300 social housing units and 72 vehicles for Maldives National Defence Force and Immigration authorities. Prime Minister also handed over two units of Aarogya Maitri Health Cube [BHISHM] sets to the Government of Maldives. With state-of-the-art medical equipment as part of the cube, it can provide medical aid to 200 casualties with in-built support to sustain a crew of six medical personnel for up to 72 hours. In keeping with their deep commitment to conserving nature, the two leaders planted mango saplings as part of India's "Ek Pedh Maa Ke Naam" [Plant for Mother] and Maldives's "Pledge of 5 million Tree Plantation" campaigns. Prime Minister reiterated India's commitment to support Maldives and its people, as per its requirements and priorities, and for the peace, progress and prosperity of the Indian Ocean region. Ahead of the meeting, Prime Minister was received by President Muizzu and accorded a ceremonial welcome at Republic Square. The meeting was marked by warmth and a reaffirmation of the deep-rooted friendship between the two nations. Prime Minister expressed heartfelt appreciation for the gracious hospitality extended to him and his delegation and conveyed his best wishes on the historic occasion of the 60th anniversary of the independence of Maldives as also on the special occasion of the 60th anniversary of establishment of diplomatic relations between the two nations. The two leaders reflected on the deep bonds of friendship and trust that have been built over centuries, strengthened by strong people-to-people ties. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India.com
6 days ago
- Business
- India.com
Maldives President Mohamed Muizzu calls 'India closest and most reliable partner' after PM Modi's 'neighbourhood first' policy
New Delhi, Oct 07 (ANI): Prime Minister Narendra Modi receives Maldives President Mohamed Muizzu, at Hyderabad House in New Delhi on Monday. (ANI Photo) Maldives President Mohamed Muizzu has now called India the Maldives' closest and most trusted friend, a big change from his earlier 'India Out' campaign. He made these remarks during a meeting with Indian Prime Minister Narendra Modi at the Presidential Office in Malé, as part of Modi's two-day state visit to the Maldives. President Muizzu thanked India for always helping the Maldives first whenever there's an emergency. 'India has always been our closest and most reliable partner,' he said. 'We work together in many important areas like safety, trade, health, and education all of which have a direct impact on the daily lives of our people.' He also pointed out how many Maldivians visit India every day for medical treatment, studying, and business. At the same time, he welcomed Indian people living in the Maldives, saying they play an important role in the country's economy and community. Talking about his government's plans, Muizzu said, 'Our goal is to build a strong and fair economy that gives our young people opportunities, prepares them for a digital future, and helps keep peace in the region. India's support is very important in helping us reach these goals.' In addition to praising India for its quick response during the Maldives' crises, President Muizzu also spoke with Prime Minister Modi about many areas where the two countries work together. These include development, infrastructure support, building skills, tackling climate change, and improving healthcare. Special place for Maldives in 'Neighbourhood First' policy: PM Modi PM Modi promised that India would continue to support the Maldives and its people, based on what is needed and important for both nations, as well as for a peaceful and successful region around the Indian Ocean. The two leaders reviewed the progress of their joint plans for better economic and maritime security under the India-Maldives Joint Vision. Modi confirmed that India would work even harder to strengthen their relationship, following its 'Neighbourhood First' approach and the Vision MAHASAGAR policy. They also agreed to boost their defense and maritime security ties and stressed the importance of their cooperation through the Colombo Security Conclave. Agreements between India and Maldives signed during PM Modi's visit to Maldives India and the Maldives signed six MOUs in the fields of fisheries and aquaculture, meteorology, digital public infrastructure, UPI, Indian pharmacopoeia, and concessional Line of Credit. Fisheries and Aquaculture – For better cooperation in marine resources. Meteorology – To share weather data and improve forecasting. Digital Public Infrastructure – To boost digital systems and e-governance. Unified Payments Interface (UPI) – To bring India's digital payment system to the Maldives. Indian Pharmacopoeia – To align medicine standards and quality. Concessional Line of Credit – A financial agreement to support development projects. Financial support includes: A new Line of Credit worth Rs.4,850 crores (about $550 million) was offered by India to help fund infrastructure and other development activities in the Maldives. An Amendatory Agreement was also signed, reducing the Maldives's annual debt repayment burden by 40 per cent, bringing it down from USD 51 million to USD 29 million. Other key announcements and inaugurations: A roads and drainage system project in Addu City (virtually inaugurated). Six High-Impact Community Development Projects across different cities. 3,300 social housing units handed over to benefit local families. 72 vehicles donated for use by the Maldives National Defence Force and Immigration services. Two Aarogya Maitri Health Cube (BHISHM) units gifted, which can treat 200 patients and support a team of six medical workers for up to 72 hours in emergencies.
Hindustan Times
6 days ago
- Business
- Hindustan Times
Maldives President Mohamed Muizzu calls India 'most trusted ally', hails first responder role
Maldives President Mohamed Muizzu on Friday called India his country's closest and most trusted ally, a sharp turn after the earlier 'India Out' campaign. Prime Minister Narendra Modi presents Bharat Health Initiative for Sahyog, Hita & Maitri (BHISHM) Health Cubes to Maldivian President Mohamed Muizzu, in Malé on Friday.(DPR PMO) Muizzu met Prime Minister Narendra Modi at the Presidential office in Male during the Indian leader's two-day state visit to the Maldives. Muizzu expressed his appreciation for India's commitment to being the first responder in any crisis that Male faces. "India has long stood as the Maldives's closest and most trusted partner. Our collaboration spans a wide range of areas, from security and trade to healthcare, education and beyond, touching the everyday lives of our citizens," Muizzu said. Apart from appreciating India for its response to the Maldives' crisis, President Muizzu also discussed various areas of cooperation with PM Modi, including development partnership, infrastructure support, capacity building, climate action, and health. PM Modi reiterated India's commitment to support Maldives and its people, as per its requirements and priorities, and for the peace, progress and prosperity of the Indian Ocean region. Both leaders took stock of the progress in implementing the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership'. Modi reiterated India's commitment to further deepen bilateral ties in keeping with its 'Neighbourhood First' and Vision MAHASAGAR policies. Both countries called for further strengthening defence and maritime security cooperation and highlighted their collaboration under the Colombo Security Conclave. The two leaders also reviewed the economic partnership between the two countries. The Prime Minister underscored that the proposed Free Trade Agreement and the Bilateral Investment Treaty would open new opportunities for both sides. Noting that the two countries must take advantage of the digital economy, especially to promote tourism, he welcomed the recent understandings on UPI adoption, the acceptance of the RUPAY card, and trade in local currencies. The two leaders highlighted that the close development partnership between the countries was adding new value to the already strong people-to-people ties. The two leaders noted that, as Global South partners, they would continue to work on issues such as climate change, renewable energy promotion, disaster risk reduction, and weather science in the interests of the planet and its people. PM Modi thanked President Muizzu for his strong condemnation of the Pahalgam terror attack and the solidarity extended to India in the fight against terrorism. What agreements did India and Maldives sign during PM Narendra Modi's visit to Maldives? India and the Maldives signed six MOUs during Prime Minister Narendra Modi's visit to the country in the fields of fisheries and aquaculture, meteorology, digital public infrastructure, UPI, Indian pharmacopoeia, and concessional Line of Credit. The new Line of Credit offers ₹4850 crores (approx $550 million) in support of infrastructure development and other activities in the Maldives. An Amendatory Agreement for the existing LoCs was also exchanged, reducing Maldives's annual debt repayment obligations by 40% (from $51 million to $29 million). Both sides also exchanged the Terms of Reference of the proposed Free Trade Agreement. The two leaders also virtually inaugurated a roads and drainage system project in Addu city and six High Impact Community Development Projects in other cities. PM Modi handed over 3,300 social housing units and 72 vehicles for the Maldives National Defence Force and Immigration authorities. He also handed over two units of Aarogya Maitri Health Cube (BHISHM) sets to the Government of Maldives. With state-of-the-art medical equipment as part of the cube, it can provide medical aid to 200 casualties with in-built support to sustain a crew of six medical personnel for up to 72 hours.
India.com
6 days ago
- Business
- India.com
Trade Pact, Rs 5,000 Cr Credit Line, Defence Ties And More: PM Modi, Maldivian President Muizzu Elevate Bilateral Ties
On his State Visit to Maldives, PM Narendra Modi held wide ranging talks with President Mohamed Muizzu and the two leaders discussed an array of bilateral issues, boosting the ties between the two nations. The Ministry of External Affairs said in a statement that the two leaders reviewed the entire spectrum of India-Maldives relations & reaffirmed their commitment to further strengthening the ties. The MEA said that discussions were held for cooperation in the fields of development partnership, capacity building, health, infrastructure, digital economy, aquaculture, climate change and renewable energy. "The two leaders called for closer collaboration to enhance peace, progress and prosperity of the Indian Ocean region," said the MEA. Notably, PM Modi is the first foreign Head of State or Government to be invited by Maldives on a state visit during President Muizzu 's term. Issuing a joint statement with Muizzu, PM Modi said that to give a new flight to development partnership, India has decided to provide a line of credit of 565 million dollars, which is approximately five thousand crore rupees, for the Maldives. "This will be used for projects related to the development of infrastructure here, in line with the priorities of the people of the Maldives," said PM Modi. The leaders also took stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership' adopted in 2024. PM Narendra Modi said, "Last year in October, during the President's visit to India, we shared a vision on extensive economic and maritime partnership. Now, this is becoming a reality. It is a result of that, that our relations are touching new heights. Thanking India for the continuous support, President Muizzu said, "I am also pleased to announce the initiation of negotiations for a free trade agreement between India and Maldives. This landmark initiative marks a significant step forward in strengthening our economic partnership." PM Modi also said that India is the closest neighbor of the Maldives. "The Maldives holds an important place in both India's 'Neighbourhood First' Policy and MAHASAGAR is also proud to be the most trusted friend of the Maldives. Be it a disaster or a pandemic, India has always stood by as the 'First Responder'. Whether it is about providing essential commodities or managing the economy post-Covid, India has always worked together," he said. The Prime Minister also hailed the strenghtening of the defence ties. "Mutual cooperation in the field of defence and security is a testament to mutual trust. The Defence Ministry building, which is being inaugurated today, is a concrete structure of trust. It is a symbol of our strong partnership."
NDTV
6 days ago
- Business
- NDTV
India, Maldives Sign Several Pacts During PM Modi's Visit, Agree On Trade Deal Terms
Male: Prime Minister Narendra Modi on Friday held wide ranging talks with Maldives President Mohamed Muizzu at the President's Office in Male as both leaders reviewed the entire spectrum of India-Maldives relations and reaffirmed their commitment to further strengthening bilateral ties. "They discussed cooperation in the fields of development partnership, capacity building, health, infrastructure, digital economy, aquaculture, climate change and renewable energy. The two leaders called for closer collaboration to enhance peace, progress and prosperity of the Indian Ocean region," the Ministry of External Affairs (MEA) posted on X after the bilateral discussions. The leaders also took stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership' adopted in 2024. This is Prime Minister Modi's third visit to Maldives - he had visited the Indian Ocean archipelago in 2018 and 2019, earlier - and the first by a Head of State or Government to Maldives during the Presidency of Mohamed Muizzu which began in November 2023. Both countries announced later that they have agreed on Terms of Reference of the India-Maldives Free Trade Agreement (FTA) and also signed several Memorandums of Understanding (MoU), including in the fields of fisheries and aquaculture. The two nations also signed an agreement for a Line of Credit (LoC) of INR 4,850 crores to Maldives besides an amendatory agreement on reducing annual debt repayment obligations of Maldives on Government of India-funded LoCs. An MoU was also signed between the Indian Institute of Tropical Meteorology (IITM), Ministry of Earth Sciences and the Maldives Meteorological Services (MMS), Ministry of Tourism and Environment. The two nations also signed a MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for Digital Transformation between the Ministry of Electronics and IT of India and Ministry of Homeland Security and Technology of Maldives. Both nations also signed an MoU on recognition of Indian Pharmacopoeia (IP) by Maldives. Network-to-Network Agreement between India's NPCI International Payment Limited (NIPL) and Maldives Monetary Authority (MMA) on UPI in Maldives was also signed during PM Modi's visit to Maldives. Earlier in the day, PM Modi was accorded a ceremonial welcome and guard of honour at the Republic Square in Male as he began his official engagements during a two-day State Visit to the country. Maldives President Mohamed Muizzu was also present on the occasion. Children performed a dance to welcome PM Modi at the venue and the ceremonial welcome was followed by a meeting between the two leaders. In a special gesture, President Muizzu welcomed PM Modi at the airport in Male as he arrived from the United Kingdom. Maldives Foreign Minister, Defence Minister, Finance Minister and Minister of Homeland Security were also present at the airport to welcome PM Modi. PM Modi said that he is "deeply touched" by Muizzu's gesture of coming to the airport to receive him. He expressed confidence that the ties between two nations will scale new heights of progress in the coming times. "Landed in Male. Deeply touched by the gesture of President Muizzu to come to the airport to welcome me. I am confident that India-Maldives friendship will scale new heights of progress in the times to come," PM Modi posted on X. PM Modi will participate in the country's 60th Independence Day celebrations as the Guest of Honour on Saturday. This is his third visit to the Maldives and notably the first by any head of state or government since Muizzu assumed office.
