New Delhi: Prime Minister Narendra Modi and Maldives President Mohamed Muizzu on Monday announced to work together in advancing the developmental partnership, as per the needs and requirements of the island nation.

A joint statement released following the meeting between PM Modi and Muizzu read, "Taking into account the progress of ongoing developmental partnership projects, which have already brought tangible benefits to the people of Maldives, the two sides decided: To work together in advancing the developmental partnership, as per needs and requirements of Maldives, across areas, including ports, airports, housing, hospitals, roads networks, sports facilities, schools and water and sewerage.

"To provide assistance to the Maldives in addressing the housing challenges and to accelerate the ongoing social housing projects supported by India's assistance. To extend full support for the timely completion of the flagship Greater Male Connectivity Project (GMCP), and to undertake a feasibility study to connect the islands of Thilafushi and Giraavaru as an extension," it added.

India and Maldives decided to collaborate in the development of a state-of-the-art commercial port at Thilafushi island to de-congest the Male port and provide enhanced cargo handling capacity at Thilafushi.

The two leaders also agreed to explore collaboration for the development of trans-shipment facilities and bunkering services contributing towards the Maldives Economic Gateway project at the Ihavandhippolhu and Gaadhoo islands of Maldives.

Both sides decided to jointly work in harnessing the full potential of Hanimaadhoo and Gan airports which are being developed with Indian assistance as well as other airports of Maldives. The joint statement said, "Towards this end, both sides will also consider measures to strengthen air connectivity, attract investments and collaborate for efficient management of these airports."

PM Modi and Mohamed Muizzu agreed to jointly work in establishing the "Agriculture Economic Zone" and tourism investments in Haa Dhaalu atoll and fish processing and canning facility at Haa Alifu atoll with Indian assistance.

The joint statement reads, "To further expand through additional financing the successful High Impact Community Development Projects to take the India-Maldives people-centric development partnership to every part of Maldives."

PM Modi and President Muizzu held a bilaterall meeting on Monday and comprehensively reviewed the entire gamut of bilateral ties while noting the progress made by the two nations in deepening their "historically close and special relationship" that has immensely contributed to the betterment of the peoples of the two nations.

PM Modi underscored the importance attached by India to its ties with the Maldives under its 'Neighbourhood First' Policy and Vision AGAR and reaffirmed India's unwavering commitment to assisting the Maldives on its developmental journey and priorities.

Muizzu expressed gratitude to India for its timely emergency financial assistance, including by way of rolling over T-bills subscribed by SBI amounting to USD 100 million in May and September 2024 for a further period of one year that provided the much-needed financial cushion for Maldives in addressing its urgent financing needs.

Maldives President acknowledged India's continued role as the 'First Responder' of Maldives in times of need, after India's earlier assistance in the last decade during the 2014 water crisis in Male and the COVID-19 pandemic.

Muizzu appreciated the Indian government's decision to extend support in the form of USD 400 million and INR 30 billion as a bilateral currency swap agreement, instrumental in tackling the ongoing financial challenges faced by the Maldives. The two leaders agreed to implement further measures to support Maldives in addressing its financial challenges.

The joint statement reads, "The leaders acknowledged that it was an opportune time for both sides to chart a new framework for cooperation with an aim to comprehensively transform the bilateral relationship to a Comprehensive Economic and Maritime Security Partnership, which is people-centric, future-oriented and will act as an anchor of stability in the Indian Ocean Region."

PM Modi and Muizzu agreed to expand exchanges between India and Maldives at leadership and ministerial levels, including exchanges of Parliamentarians and local government representatives, according to the joint statement.

Furthermore, the two leaders decided to conclude a Memorandum of Understanding to enable institutionalized cooperation between the Parliaments of India and Maldives.

The two sides agreed to initiate discussions on a bilateral Free Trade Agreement focusing on trade in goods and services between the two countries.

The joint statement reads, "To operationalize the settlement of trade transactions between India and Maldives in local currencies with an aim to deepen trade linkages and to reduce dependency on foreign currencies."

The two nations agreed to promote bilateral investments and closer engagements between business chambers and entities and steps shall be taken for disseminating information relating to investment opportunities and to improve ease of doing business.

India and Maldives agreed to support the efforts of Maldives towards diversification of its economy by strengthening cooperation in the areas of agriculture, fisheries, oceanography and blue economy, including through the establishment of academic linkages and expanding research and development cooperation.

PM Modi and the Maldives President agreed to enhance efforts to boost tourism between India and Maldives through marketing campaigns and collaborative efforts, according to the joint statement.

Considering the role of energy security in ensuring sustainable development, the two sides agreed to explore cooperation through the implementation of solar power and other renewable energy and energy efficiency projects to bring down energy costs and enable Maldives to achieve its NDC Goals.

India and Maldives will establish a framework for an institutional partnership which will include training, exchange of visits, joint research, technical projects and promotion of investments. Both sides will also undertake a feasibility study to identify measures that would enable the Maldives to participate in the 'One Sun One World One Grid initiative.

This report is auto-generated from a syndicated feed