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India, Maldives to deepen Indian Ocean security cooperation, boost trade

New Delhi: India and the Maldives agreed to deepen cooperation to maintain peace and security in the Indian Ocean region as New Delhi extended lines of credit worth $1.4 billion to to the archipelago nation following delegation-level talks between Prime Minister Narendra Modi and Maldives President Ibrahim Mohamed Solih here.

The two sides also signed four agreements, including on cultural cooperation, IT and electronics cooperation and on improving the ecosystem for agribusiness.

“President Solih and I agree that to maintain peace and security in the Indian Ocean region, we need to deepen our cooperation,” Modi said while jointly addressing the media with Solih after the talks.

“Both India and the Maldives share equal interest and stake in the development and stability of our region,” he said.

Stating that the security interests of the two countries are related to each other, Modi said that there is also unanimity on the sustainability of this region and to be conscious of each other`s interests and concerns.

“We will not allow the use of our countries to harm each other,” he said.

“I want to work together with President Solih for the bright future of our region, and utilise all possibilities in the relationship between India and Maldives.”

Modi also said that India is proud that the Maldives has become a medium income country from being a least developed country.

“The Maldives achieved this despite facing the challenges of sustainable development and climate change,” he said.

“In resolving these challenges, and in the sustainable development of marine resources, the role of Maldives will be important throughout the world.

“Therefore, we agree to increase mutual cooperation on the various aspects of maritime cooperation between India and the Maldives.”

The Prime Minister said that India will always with be the Solih government in its efforts to carry out ambitious plans for changing the lives of the people of Maldives, and to give a human face to development in the country.

“I am glad that as a direct expression of this commitment, for the socio-economic development of the Maldives, India will extend budget support, currency swap and concessional lines of credit worth $ 1.4 billion,” he said.