PM Modi, President Muizzu sign agreements; further strengthen bilateral ties between India and Maldives: MEA

Male, July 26 (IANS) During Prime Minister Narendra Modi's state visit to Male on the invitation of Maldivian President Mohamed Muizzu, several agreements across diverse sectors were signed on Friday which reaffirmed the bilateral partnership between India and Maldives, the Ministry of External Affairs (MEA) said in a statement.

Taking to social media platform X, PM Modi said: "This is indication of how strong, deep-rooted and extensive the India-Maldives friendship is."

Several memorandum of understanding were signed between PM Modi and President Muizzu which includes: agreement for a Line of Credit (LoC) of Rs 4,850 crore to Maldives; amendatory agreement on reducing annual debt repayment obligations of Maldives on Indian government-funded LoCs; to launch the India-Maldives Free Trade Agreement (FTA)-Terms of Reference finalised; MoU on cooperation in the field of Fisheries and Aquaculture; MoU between the Indian Institute of Tropical Meteorology (IITM), Ministry of Earth Sciences and the Maldives Meteorological Services (MMS), Ministry of Tourism and Environment; MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for digital transformation between Ministry of Electronics and Information Technology of India and the Ministry of Homeland Security and Technology of Maldives; 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 Unified Payments Interface in Maldives, MEA Spokesperson Randhir Jaiswal said in a statement.

PM Modi and President Muizzu also jointly released commemorative stamps on 60th anniversary of establishment of India-Maldives diplomatic relations, MEA Spokesperson Jaiswal added.

Strengthening the bilateral ties between India and Maldives was reaffirmed by PM Modi and President Muizzu such as handing over of 3,300 social housing units in Hulhumale, Maldives, under India's Buyers' Credit facilities; inauguration of roads and drainage system project in Addu city in Maldives; inauguration of 6 High Impact Community Development Projects in Maldives; handing over of 72 vehicles and other equipment; handing over of two BHISHM Health Cube sets; and inauguration of the Ministry of Defence Building in Male.

"On behalf of people of India, I extend my heartfelt congratulations to Maldivian President Mohammed Muizzu and the people of Maldives on the historic occasion of the 60th anniversary of their Independence," PM Modi said in a joint press statement with President Muizzu.

On the historic occasion, PM Modi also thanked President Muizzu for inviting him as the Guest of Honour on the 60th anniversary of independence of Maldives.

"This year also marks 60 years of diplomatic relations between India and the Maldives. However, the roots of our relationship are older than history itself and is as deep as the ocean. The commemorative stamp released today, featuring the traditional boats of both our countries is a reflection of the fact that we are not just neighbours, but also fellow voyagers on a shared journey," the Prime Minister said, the MEA quoted in a press statement.

"India is the closest neighbour of the Maldives. The Maldives holds a key place in both India's "Neighbourhood First" policy and our MAHASAGAR vision. India also takes pride in being the Maldives's most trusted friend. Be it natural disasters or pandemics, India has always stood by the Maldives as the 'First Responder'. Whether it was ensuring the supply of essential commodities or supporting economic recovery post-Covid, India has always worked hand-in-hand with the Maldives," PM Modi added.

During President Muizzu's visit to India in October 2024, both India and Maldives shared a vision for a comprehensive economic and maritime security partnership, which is now becoming a reality with our bilateral ties reaching new heights, and several important projects also been inaugurated as well, he said.

"The four thousand social housing units built with India's support will now mark a new beginning for many families in the Maldives — a place they can truly call home. Projects like the Greater Male Connectivity Project, the Addu Road Development Project, and the redevelopment of Hanimaadhoo International Airport will transform this entire region into a vital hub for transit and economic activity," PM Modi noted.

"Very soon, with the launch of the ferry system, connectivity between the various islands will become even easier. After that, distances between islands will not be measured by GPS, but simply by ferry time!" he said.

"To give a new momentum to our development partnership, we have decided to extend a Line of Credit of $565 million — nearly five thousand crore rupees — to the Maldives. This will be used for infrastructure development projects aligned with the priorities of the Maldivian people," PM Modi added.

"We have taken several steps to accelerate our economic partnership. To boost mutual investment, we will soon work towards finalising a Bilateral Investment Treaty. Discussions on a Free Trade Agreement have also begun. Our goal now is — From paperwork to prosperity!" the Prime Minister said.

"Wth the local currency settlement system, trade can now take place directly in Rupees and Rufiyaa. The rapid adoption of UPI in the Maldives will further strengthen both tourism and the retail sectors," he added.

"Cooperation in the field of defence and security is a reflection of mutual trust. The Ministry of Defence building, being inaugurated today, is a concrete symbol of that trust — an embodiment of our strong partnership," PM Modi said.

"Our collaboration will now also extend to weather science. No matter what the weather, our friendship will always remain bright and clear!" he added.

"India will continue to support the development of Maldives' defence capabilities. Peace, stability, and prosperity in the Indian Ocean Region is our shared objective. Together, through the Colombo Security Conclave, we will strengthen regional maritime security," he said.

"Climate change is a major challenge for both our nations. We have agreed to promote renewable energy, and in this area, India will share its experience with the Maldives," he added.

"Once again, on this historic occasion, I extend my heartfelt congratulations to you and the people of Maldives. I also thank you all for the warm welcome. Ireaffirm that India will stand with Maldives at every step on its path to development and prosperity," PM Modi concluded his speech, thanking President Muizzu.

--IANS

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