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The outcomes of President Muizzu's visit highlight the evolving partnership between India and the Maldives
The state visit of Maldives President Mohamed Muizzu to India, which spans from October 6 to October 10, 2024, has yielded significant outcomes, further cementing the bilateral relationship between the two nations. Meeting in New Delhi on Monday (October 7, 2024), Indian Prime Minister Narendra Modi and President Muizzu held high-level discussions, emphasizing regional security, economic cooperation, and mutual interests in the Indian Ocean Region (IOR).
The outcomes of the visit highlight the evolving partnership between India and the Maldives, which remains crucial for regional stability and economic progress.
Key Launches and Inaugurations
1. Launch of the RuPay Card in the Maldives: In an effort to enhance digital and financial connectivity between the two nations, the RuPay Card was launched in the Maldives. This initiative aims to facilitate seamless financial transactions for Maldivians traveling to India and vice versa, strengthening people-to-people and business ties.
2. Inauguration of Hanimaadhoo International Airport’s New Runway.
3. Handover of 700 Social Housing Units
India handed over 700 social housing units built under EXIM Bank’s Buyers’ Credit Facilities. This initiative highlights India's continued support for addressing housing challenges in the Maldives, improving the standard of living for Maldivian citizens.
Signing and Renewal of Key Agreements
Several Memorandums of Understanding (MoUs) were signed and renewed.
1. Currency Swap Agreement: A currency swap agreement was signed between the two nations, represented by Ahmed Munawar, Governor of the Maldives Monetary Authority, and Ajay Seth, Secretary of India’s Department of Economic Affairs. This agreement aims to provide liquidity support to stabilize the Maldivian economy, reflecting India's commitment to assisting the Maldives during economic crises.
2. MoU on Police and Law Enforcement Cooperation: An MoU was signed between Rashtriya Raksha University (India) and the National College of Policing and Law Enforcement (Maldives) to enhance collaboration in law enforcement training and capacity building. This partnership underscores the shared commitment to improving security and governance.
3. Anti-Corruption Cooperation: India’s Central Bureau of Investigation (CBI) and the Anti-Corruption Commission of Maldives signed an MoU to foster cooperation in preventing and combating corruption.
4. Renewal of Judicial Training and Capacity Building MoU: The National Judicial Academy of India (NJAI) renewed its MoU with the Judicial Service Commission (JSC) of the Maldives to continue providing training and capacity-building programs for Maldivian judicial officers, ensuring an efficient and independent judiciary.
5. Renewal of Cooperation in Sports and Youth Affairs: The MoU on Cooperation in Sports and Youth Affairs was renewed, promoting exchanges and joint initiatives in sports between the youth of both nations. This renewal aims to foster cultural and social ties, strengthening the relationship beyond diplomatic and economic dimensions.
Strengthening Diplomatic Relations Amid Economic and Geopolitical Challenges
The visit comes at a crucial time as the Maldives faces economic challenges, including a risk of default on its Islamic sovereign debt. India has extended financial support, including a USD 400 million package and a INR30 billion (USD 357.35 million) currency swap agreement. The assistance aligns with India’s efforts to stabilize the Maldivian economy, which has struggled due to the impacts of the Covid-19 pandemic on its tourism sector.
Prime Minister Modi highlighted India’s willingness to support infrastructure development in the Maldives, reinforcing India’s role as a key partner. The countries also announced the initiation of discussions on a free trade agreement, reflecting a shared vision of deeper economic integration.
Renewed Diplomatic Thaw
Despite previous diplomatic tensions following Muizzu’s election and his “India Out” campaign, both sides have shown a willingness to move forward. The successful visit and the range of agreements signed indicate a diplomatic thaw, prioritizing mutual interests and regional stability over past disagreements.
President Muizzu acknowledged India’s support, stating, “India is a key partner in the socio-economic and infrastructure development of the Maldives and has stood by the Maldives during our times of need.” This visit marks a step towards a more collaborative future, focusing on shared security, economic growth, and socio-cultural exchanges.
President Muizzu’s visit signifies a renewed chapter in India-Maldives relations, with both nations demonstrating a commitment to comprehensive and strategic cooperation. The outcomes of this state visit underline India’s pivotal role in supporting its maritime neighbor, reinforcing its influence in the Indian Ocean Region while advancing mutual economic and security interests.
The outcomes of the visit highlight the evolving partnership between India and the Maldives, which remains crucial for regional stability and economic progress.
Key Launches and Inaugurations
1. Launch of the RuPay Card in the Maldives: In an effort to enhance digital and financial connectivity between the two nations, the RuPay Card was launched in the Maldives. This initiative aims to facilitate seamless financial transactions for Maldivians traveling to India and vice versa, strengthening people-to-people and business ties.
2. Inauguration of Hanimaadhoo International Airport’s New Runway.
3. Handover of 700 Social Housing Units
India handed over 700 social housing units built under EXIM Bank’s Buyers’ Credit Facilities. This initiative highlights India's continued support for addressing housing challenges in the Maldives, improving the standard of living for Maldivian citizens.
Signing and Renewal of Key Agreements
Several Memorandums of Understanding (MoUs) were signed and renewed.
1. Currency Swap Agreement: A currency swap agreement was signed between the two nations, represented by Ahmed Munawar, Governor of the Maldives Monetary Authority, and Ajay Seth, Secretary of India’s Department of Economic Affairs. This agreement aims to provide liquidity support to stabilize the Maldivian economy, reflecting India's commitment to assisting the Maldives during economic crises.
2. MoU on Police and Law Enforcement Cooperation: An MoU was signed between Rashtriya Raksha University (India) and the National College of Policing and Law Enforcement (Maldives) to enhance collaboration in law enforcement training and capacity building. This partnership underscores the shared commitment to improving security and governance.
3. Anti-Corruption Cooperation: India’s Central Bureau of Investigation (CBI) and the Anti-Corruption Commission of Maldives signed an MoU to foster cooperation in preventing and combating corruption.
4. Renewal of Judicial Training and Capacity Building MoU: The National Judicial Academy of India (NJAI) renewed its MoU with the Judicial Service Commission (JSC) of the Maldives to continue providing training and capacity-building programs for Maldivian judicial officers, ensuring an efficient and independent judiciary.
5. Renewal of Cooperation in Sports and Youth Affairs: The MoU on Cooperation in Sports and Youth Affairs was renewed, promoting exchanges and joint initiatives in sports between the youth of both nations. This renewal aims to foster cultural and social ties, strengthening the relationship beyond diplomatic and economic dimensions.
Strengthening Diplomatic Relations Amid Economic and Geopolitical Challenges
The visit comes at a crucial time as the Maldives faces economic challenges, including a risk of default on its Islamic sovereign debt. India has extended financial support, including a USD 400 million package and a INR30 billion (USD 357.35 million) currency swap agreement. The assistance aligns with India’s efforts to stabilize the Maldivian economy, which has struggled due to the impacts of the Covid-19 pandemic on its tourism sector.
Prime Minister Modi highlighted India’s willingness to support infrastructure development in the Maldives, reinforcing India’s role as a key partner. The countries also announced the initiation of discussions on a free trade agreement, reflecting a shared vision of deeper economic integration.
Renewed Diplomatic Thaw
Despite previous diplomatic tensions following Muizzu’s election and his “India Out” campaign, both sides have shown a willingness to move forward. The successful visit and the range of agreements signed indicate a diplomatic thaw, prioritizing mutual interests and regional stability over past disagreements.
President Muizzu acknowledged India’s support, stating, “India is a key partner in the socio-economic and infrastructure development of the Maldives and has stood by the Maldives during our times of need.” This visit marks a step towards a more collaborative future, focusing on shared security, economic growth, and socio-cultural exchanges.
President Muizzu’s visit signifies a renewed chapter in India-Maldives relations, with both nations demonstrating a commitment to comprehensive and strategic cooperation. The outcomes of this state visit underline India’s pivotal role in supporting its maritime neighbor, reinforcing its influence in the Indian Ocean Region while advancing mutual economic and security interests.
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