Speaking at a special ceremony in Bangalore, the President highlighted that several initiatives have been started to facilitate beneficial opportunities for the Maldivian people.
President Dr Mohamed Muizzu has said that his current state visit to India has been very successful, emphasizing that key objectives of the visit have been achieved.
Speaking at a special ceremony in Bangalore, the President highlighted that several initiatives have been started to facilitate beneficial opportunities for the Maldivian people, aligning with the policies he introduced upon assuming office.
President Muizzu expressed his commitment to enhancing regional security and stability, which he believes will be strengthened through closer ties between the Maldives and India.
During his visit, significant agreements were signed, including a USD 400 million currency swap facility, as well as the introduction of RuPay cards under India's Unified Payments Interface (UPI), facilitating easier trade and financial transactions between the two countries.
Additionally, an Indian Rupee Swap Facility was agreed upon, allowing up to INR 30 billion to be exchanged at different times, further facilitating trade.
India already provides several essential items to the Maldives at special rates, including onions, rice, sugar, and construction materials like stone aggregates.
President Muizzu also highlighted the completion and handover of 700 housing units in Hulhumale', constructed under a loan from India's Exim Bank.
In addition, President Muizzu and Indian Prime Minister Narendra Modi agreed on a "Vision for Comprehensive Partnership on Economic and Maritime Security," aimed at bolstering cooperation in these critical areas.
"[It] is visible, clearly written out. Every sentence written about the defense sector has been reviewed by the MNDF and approved by the Ministry of Defence. Everything written in it is in accordance with our policies. There won't be aspects in it like before," President Muizzu said about the Vision Document signed between India and Maldives, which is published on the President's Office website.
While relations between the two countries soured when the current government first came to power, they have since improved significantly.
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