India, Maldives in talks to deepen bilateral trade, investment ties

India and the Maldives discussed ways to explore new opportunities for economic cooperation and trade enhancement, state-run media said on Saturday.

The discussion for strengthening trade was held during a meeting between India's Commerce Secretary Sunil Barthwal and Maldivian Economic Development and Trade Minister Mohamed Saeed here on Friday.

The meeting, held at the Maldivian Economic Ministry as part of Barthwal's visit, focused on exploring new areas of economic collaboration and strengthening existing trade ties, according to Public Service Media (PSM News), the state-run media.

After the meeting, Saeed said in a post on X: Had a productive meeting today with India's Commerce Secretary Sunil Barthwal. We discussed strengthening trade and investment partnerships between our nations and exploring new opportunities for economic cooperation.

The Department of Commerce, Ministry of Commerce and Industry, in a post on X, said Barthwal had a constructive meeting with Saeed, focusing on enhancing trade and investment ties and exploring new avenues for economic cooperation between the two countries.

As part of recent efforts to attract Indian investment, business forums were organised in three Indian cities to promote opportunities in the Maldives, the PSM News said.

India continues to be a key development partner for the Maldives, contributing to several infrastructure and capacity-building projects, it added. New Delhi has also extended a USD 25.94 million currency swap facility to support the archipelagic nation's economy.

Earlier on May 26, India and Maldives explored ways to boost trade and strategic cooperation during a three-day visit by Maldivian Foreign Minister Abdulla Khaleel, accompanied by a high-level delegation to New Delhi to review the implementation of the comprehensive economic and maritime security partnership.

It was agreed during Maldivian President Mohamed Muizzu's trip to New Delhi last October.

The ties between India and the Maldives came under severe strain after Muizzu, known for his pro-China leanings, took charge of the top office in November 2023.

Within hours of his oath, he had demanded the withdrawal of Indian military personnel from his country. Subsequently, the Indian military personnel were replaced by civilians on a mutually agreed date.

There was a thaw in the relations as Muizzu vowed to boost the bilateral ties with India during his visit to Delhi in October 2024.

Maldives is India's key maritime neighbour and an important partner in India's Neighbourhood First' policy and Vision MAHASAGAR that is Mutual and Holistic Advancement for Security and Growth Across Regions.