High-level discussions between the governments of the Maldives and India are now producing practical results, Minister of Economic Development, Transport and Trade Mohamed Saeed has said.
Speaking at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Saeed said the Maldives’ relationship with India remains vital, built on longstanding historical ties, close people-to-people relations and strong commercial links spanning generations.
He said the discussions came at a time when the Maldives is seeking to diversify its economy, expand international partnerships and strengthen existing economic relations.
Referring to the recent official visits by President Dr Mohamed Muizzu to India and Indian Prime Minister Narendra Modi to the Maldives, Saeed said the engagements reflected the close relationship between the two countries and demonstrated that high-level discussions were translating into tangible outcomes.
He added that similar momentum had been seen during business forums held in Delhi, Bengaluru and Mumbai, which brought together industry leaders from both countries and created new opportunities for collaboration.
Saeed said negotiations on a Bilateral Investment Treaty had been concluded, while formal negotiations on a Free Trade Agreement (FTA) had now begun. He said these developments demonstrated the commitment of both countries to strengthening economic cooperation.
According to the minister, an FTA would expand market access for goods and services, create new commercial opportunities for businesses in both countries and provide a stronger foundation for future investment.
He also said efforts are underway to introduce India’s Unified Payments Interface (UPI) and RuPay payment systems in the Maldives. Discussions are also continuing on conducting bilateral trade using the local currencies of both countries.
Saeed said these initiatives are expected to reduce the cost of cross-border financial transactions, minimise transaction-related challenges and strengthen the financial infrastructure supporting the growing economic partnership.
