India, Maldives Aim for Comprehensive Economic Partnership

October 9, 2024

Indian Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu met to strengthen the already close relationship between India and the Maldives. Their discussions resulted in a plan to create a Comprehensive Economic and Maritime Security Partnership that focuses on improving the lives of people in the Indian Ocean Region.

Overview of the Relationship

The meeting focused on several areas where India and the Maldives work together, such as political relations, development projects, healthcare, investments, and education. Both leaders emphasized that their cooperation would bring mutual growth and stability, improving the quality of life for citizens in both countries.

Key Areas of Cooperation

Political and Parliamentary Engagement

Both nations agreed to increase political cooperation, including more leadership, ministerial, and parliamentary exchanges. They signed a Memorandum of Understanding (MoU) to strengthen cooperation between their parliaments.

Developmental Partnership

The two countries committed to working on important projects that meet the needs of the Maldives, such as:

Housing support and social housing projects.
Ensuring the Greater Malé Connectivity Project is completed on time.
Building a new commercial port to reduce congestion at the Malé port.
Developing transshipment and bunkering facilities to support shipping and logistics.

Trade and Economic Cooperation

India and the Maldives agreed to:

Begin talks on a Bilateral Free Trade Agreement.
Settle trade transactions using their local currencies to make trade smoother.
Encourage bilateral investments and create a better environment for businesses.

Digital and Financial Cooperation

Both countries will collaborate on digital services to improve governance. This includes introducing India’s Unified Payments Interface (UPI) in the Maldives and mutually recognizing digital identities to make digital transactions easier.

Health Cooperation

Plans to improve healthcare between the two nations include:

Providing better access to quality healthcare services.
Establishing Jan Aushadhi Kendras, which are centres offering affordable medicines.
Working together on mental health services and research to support the well-being of citizens.

Capacity Building and Training

India will help train civil servants and local government officials in the Maldives. They will also provide skill training for women and launch a Start-up Incubator to encourage young people to create new businesses and innovations.

People-to-People Linkages

Both countries are committed to increasing educational and cultural exchanges. They plan to set up educational institutions and skill development centers that will further strengthen their partnership and bring the people of both nations closer.

The meeting between Prime Minister Modi and President Muizzu represents an important step forward in the relationship between India and the Maldives. Their shared commitment to growth, stability, and improving the well-being of their people will strengthen ties and benefit both countries in the long term.

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