Maldives-India economic talks delivering tangible progress: Minister Saeed
Minister of Economic Development and Trade Mohamed Saeed says high-level engagement between the Maldives and India is producing tangible results, with both countries making steady progress on trade, investment, and broader economic cooperation.
Speaking at a business meeting hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI), Minister Saeed said the Maldives-India relationship extends beyond commerce and is built on longstanding people-to-people ties.
He added that the discussions come as the Maldives pursues economic diversification, new investment opportunities, and stronger international partnerships.
The minister said recent engagements between President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi have strengthened bilateral relations, with government-level discussions now translating into concrete initiatives.
The momentum was evident during the business forums held in Delhi, Bengaluru, and Mumbai. These forums brought together industry leaders from both nations, paving the way for new avenues of collaboration. Trade serves as a prime example of this progress. Negotiations for the 'Bilateral Investment Treaty' have now been concluded, and discussions regarding a Free Trade Agreement have officially commenced.
Minister stated
Minister Saeed said the Bilateral Investment Treaty and ongoing Free Trade Agreement negotiations are expected to create new opportunities for businesses in both countries by expanding market access and encouraging long-term investment.
He also noted that discussions are progressing on introducing UPI and RuPay services in the Maldives, alongside plans for local currency trade settlements to simplify cross-border transactions and strengthen financial cooperation.
Our foreign investment policy is specifically geared towards fostering innovative and value-added activities. This objective is centered on diversifying the tourism and hospitality sector beyond its traditional scope, while simultaneously strengthening the capacity of technology-driven industries.
Minister stated
The minister also highlighted regulatory reforms aimed at improving transparency and making the Maldives a more attractive destination for foreign investment.
He reaffirmed the government's commitment to supporting private sector growth and thanked India for its continued cooperation in ensuring the uninterrupted supply of essential commodities to the Maldives.
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