Mon Oct 07 10:21:08 UTC 2024: ## India and Maldives Strengthen Ties with New Economic and Security Cooperation
**New Delhi, October 7, 2024:** Prime Minister Narendra Modi today emphasized the crucial role of the Maldives in India’s ‘Neighbourhood First’ policy and SAGAR vision during a meeting with Maldivian President Mohamed Muizzu in New Delhi.
Modi highlighted India’s consistent support for the Maldives, particularly during natural disasters and the COVID-19 pandemic, providing essential aid, drinking water, and vaccines. He also underscored the importance of development partnership, noting that the State Bank of India (SBI) recently rolled over $100 million for the Maldivian Treasury Bench.
The two leaders signed a $400 million and Rs. 3,000 crore currency swap agreement, signifying a commitment to strengthening economic cooperation. India also pledged comprehensive support for infrastructure development in the Maldives, including the handover of 700 social housing units built with Indian assistance.
Moving towards a more integrated economic future, Modi announced the initiation of discussions for a Free Trade Agreement between the two nations. He also highlighted the successful launch of RuPay cards in the Maldives and the upcoming integration of UPI, further strengthening financial ties.
The meeting also saw extensive discussions on security cooperation, including the ongoing Ekatha Harbour project, training programs for Maldivian National Defence Forces, and joint efforts for regional stability and prosperity in the Indian Ocean.
These recent developments showcase a deepening partnership between India and the Maldives, based on shared values and a commitment to mutual prosperity and security.
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