Indian firm to set up Rs 884 cr medical hub in Maldives

An Indian firm will set up a $200 million (Rs 883.55 crore) knowledge and medical hub aimed at introducing world class education and healthcare facilities in Maldives, a popular tourist destination for people around the globe.

The announcement for the project was made last evening in the presence of Maldives President Mohamed Nasheed and External Affairs Minister SM Krishna, who is here on a two-day visit.

Krishna said the bilateral ties were "in a high trajectory" and both sides have embarked on "forward looking, pragmatic and mutually beneficial initiatives and projects."

"We have been working together on increasing connectivity and closer economic integration," Krishna said.

Maldives Foreign Minister Ahmed Naseem said the project to set up a knowledge and medical hub in this country was symbolic of the growing ties between the two nations.

"It was a significant project and welcomed by the Government (of Maldives) to fill a major gap in education and healthcare," Naseem said.

The project, which is second largest Indian investment after infrastructure major GMR's investment in Male International Airport, will be implemented in a Private Public Partnership (PPP) mode with government of Maldives by Island Development Company (IDC).

Krishna said Prime Minister Manmohan Singh was looking forward to visiting Maldives to participate in the SAARC summit as well as to have bilateral meetings with leaders of this country.

"My visit here has been productive. We discussed our extensive bilateral cooperation and preparations for the SAARC summit," Krishna said.