(MENAFN- Live Mint) India's Rupay card has been launched in the island nation of Maldives today, on October 7, following talks between Prime Minister Narendra Modi and Maldives President Mohamed Muizzu, PTI reported.
PM Modi and President Muizzu witnessed the first transaction, as per an ANI report. Speaking on the same, Modi said,“A few days back, RuPay card was launched in Maldives. In the time to come, India and Maldives will be connected through UPI.”
'India-Maldives Relations'
Muizzu is on a five-day India visit and was accorded a ceremonial reception at the Rashtrapati Bhavan earlier today. PM Modi and Muizzu also virtually inaugurated a new runway at Hanimadhoo Airport in the Maldives.
Maldives President Mohamed Muizzu received a red carpet welcome during his first state visit to India on Monday, a trip intended to mend the fragile relations between the two South Asian neighbors.
PM Modi said,“I extend a hearty welcome to President Muizzu and his delegation. India and Maldives relations are centuries old. India is Maldives' nearest neighbour and close friend. Maldives holds an important position in our neighbourhood policy and SAGAR vision. India has always played the role of first responder for Maldives...India has always fulfilled the responsibilities of a neighbour.”
He noted,“Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction.”
Maldives President Mohamed Muizzu thanked India and said,“Thank India for the generous assistance extended, including rollover of Treasury Bills and signing of the currency swap agreement.”
He noted that India is a key partner in the socio-economic and infrastructure development of Maldives and has stood by Maldives during our times of need.“I would like to thank PM Modi, the government and people of India for the generous assistance and cooperation extended to Maldives over the years. I am thankful for the Indian Government's decision to provide support in the form of 30 billion Indian Rupees in addition to 400 million US Dollars bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now,” he said.
Why India and Maldives are important for each other?
Regional powers India and China are vying for influence in the strategically located archipelago nation of the Maldives, situated in the Indian Ocean.
For decades, India has been a key provider of development assistance to the Maldives, supporting various infrastructure projects, medical care, and health facilities. In contrast, the Maldives is a participant in China's“Belt and Road” initiative, which aims to develop ports and highways while expanding China's influence across Asia, Africa, and Europe.
President Muizzu's visit to New Delhi is particularly important for Modi, who is navigating a challenging diplomatic landscape.
On his part, President Muizzu described a“line of credit arrangement” from India as a“positive step.” In June, he visited New Delhi for Prime Minister Modi's inauguration following his election victory, and Foreign Minister Subrahmanyam Jaishankar visited Male in August.
Since taking office, Muizzu has moderated his anti-Indian rhetoric, assuring that he would not disturb the regional balance by substituting Indian forces with Chinese troops.“This historic relationship is intertwined like the roots of a tree, built on centuries of exchanges and values shared,” Muizzu remarked regarding the ties between Male and New Delhi.
(With inputs from Agencies)
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