Latest news with #IMFTA
Times of Oman
4 days ago
- Business
- Times of Oman
"Pleased to announce initiation of negotiations for India-Maldives FTA," Muizzu says
Male: India and Maldives on Friday announced the initiation of negotiations for the launch of a Free Trade Agreement (IMFTA). Maldivian President Mohamed Muizzu, on Friday, announced the beginning of negotiations for a Free Trade Agreement between the two countries during a joint press conference in Male with Prime Minister Narendra Modi. Muizzu said, "I am also pleased to announce the initiation of negotiations for a free trade agreement between India and the Maldives. This landmark initiative marks a significant step forward in strengthening our economic partnership." Prime Minister Narendra Modi today held wide-ranging talks with Maldivian President Mohamed Muizzu, focusing on consolidating cooperation in areas of trade, defence and infrastructure. The two leaders held a one-on-one meeting as well as delegation-level talks. Both countries exchanged MoUs in the presence of Prime Minister Modi and Maldives President Muizzu. Muizzu said, "The Prime Minister's visit coincides with two cherished occasions. Tomorrow, PM Modi will join me in the 60th Independence Day celebrations of the Maldives. Today, we have jointly released a commemorative stamp to mark the 60th anniversary of the establishment of formal diplomatic relations between the Maldives and India. This afternoon, Prime Minister Modi and I had extensive discussions." Muizzu said that the resources from MoUs will be used for utilization of Maldives government across key sectors. "Prime Minister Modi and I had the honour of witnessing the signing of four MoUs and three agreements on several key areas. Among these is a line of credit agreement for USD565 million. This will be utilised for priority projects of my government across key sectors," he said. The outcomes included the initiation of the India-Maldives Free Trade Agreement (IMFTA) negotiations. India extended the Line of Credit (LoC) of Rs 4,850 crores to Maldives. India reduced annual debt repayment obligations of Maldives on Gol-funded LoCs. There was joint issuance of commemorative stamp on 60th anniversary of establishment of India-Maldives diplomatic relations. Handing over of 3,300 social housing units in Hulhumale under India's Buyers' Credit facilities took place. Inauguration of Roads and Drainage system project in Addu city, inauguration of 6 High Impact Community Development Projects in Maldives took place.
Indian Express
4 days ago
- Business
- Indian Express
PM Modi says proud to be ‘most trusted friend of Maldives', announces $565 mn credit line
India and the Maldives on Friday exchanged MoUs in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu, in Malé. Speaking during the ceremony, PM Modi said: 'India is the closest neighbour to Maldives. Maldives holds a unique place in India's Neighbourhood First policy and Vision MAHASAGAR. India is proud to be Maldives' most trusted friend. Be it disaster or pandemic, India always stands as a first responder.' 'We have decided to provide a line of credit of $565 million to Maldives.' he said, adding that 'talks on a free trade agreement between India and Maldives have started.' The Maldivian President said that both sides had signed four Memorandums of Understanding and three key agreements, including a fresh line of credit from India worth $565 million (approximately Rs 4,850 crore). This, he said, would be utilised for priority infrastructure and social projects of his government. #WATCH | Malé | Outcomes of PM Narendra Modi's State Visit to Maldives: Extension of Line of Credit (LoC) of Rs 4,850 crores to Maldives Reduction of annual debt repayment obligations of Maldives on Gol-funded LoCs Launch of India-Maldives Free Trade Agreement (IMFTA)… — ANI (@ANI) July 25, 2025 He thanked India for continuing its cooperation with the Maldives. 'Appreciate India's pivot support for the Maldives' economy. India is a principal partner in the Maldives' health sector. India, Maldives sign 4 MoUs & 3 Agreements. I wish both our nations' growth and prosperity,' Muizzu said. The visit also resulted in the following deliverables: 'This visit coincides with two cherished occasions,' Muizzu said, referring to the dual celebration of independence and diplomatic ties.
