RuPay Card launch: The Indian government has introduced the RuPay card in the Maldives, a step that bolsters economic relations and enhance tourism cooperation. This launch follows recent discussions between Indian Prime Minister Narendra Modi and Maldives President Mohamed Muizzu, aimed at deepening bilateral ties.
Prime Minister Modi and President Muizzu, via weblink, witnessed a live transaction using the RuPay card in the Maldives, marking the start of cashless transactions between the two nations. The initiative is expected to ease payments for Indian tourists visiting the island nation, thereby boosting its tourism sector.
President Muizzu, accompanied by First Lady Madam Sajidha Mohamed and a delegation, arrived in India on Sunday for his first bilateral visit since attending PM Modi’s swearing-in ceremony in June. The visit underscores the growing importance of India-Maldives relations, which are grounded in centuries-old trade and cultural exchanges, according to a video showcased during the event at Hyderabad House.
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The video highlighted the enduring ties between the two nations, built on "mutual respect and unwavering support," and supported by India's Neighbourhood First policy and SAGAR vision. It also highlighted India's role as a first responder to the Maldives during times of crisis and stressed that the relationship is poised to reach new heights under the leadership of Modi and Muizzu.
The RuPay card launch is expected to simplify transactions for Indian tourists, reducing costs and improving convenience in the Maldives' tourism sector. "This will pave the way for strengthened India-Maldives relations by boosting tourism and economic cooperation," the video stated.
After bilateral talks, PM Modi noted that President Muizzu's visit marks "another chapter" in the two countries' ties. In a further boost to economic cooperation, India and the Maldives signed a currency swap agreement, designed to help the Maldives address its foreign exchange reserve challenges.
700 social housing units
As part of India's ongoing development assistance to the Maldives, 700 social housing units, built with EXIM Bank's buyer's credit, were handed over to the Maldives during the visit.
Redevelopment Hanimaadhoo Airport
Additionally, Modi announced the inauguration of the redeveloped Hanimaadhoo Airport and expressed India's commitment to expedite the Greater Male Connectivity Project and support the development of a new commercial port in Thilafushi.
Looking ahead, India and the Maldives have agreed to initiate discussions on a Free Trade Agreement to further enhance their economic partnership, signaling a new era of collaboration between the two neighbours.