Economic Cooperation, Cultural Bonds and India՚s Assistance to Maldives
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- Defence and economic cooperation are two important areas in bilateral ties
- Cooperation to counter piracy and terrorism is on the rise
- In 1988, India thwarted an attempt by Sri Lanka՚s Tamil militants to overthrow the Gayoom government in Maldives
Economic Cooperation
- Tourism and fishing are major industry in Maldives. It has to import everything else.
- Hence, bilateral trade largely comprises exports by India
- Investments by India companies have been increasing in sectors such as education, hospitality, renewable energy , health and waste management and marine products
India recently announced a package including
- Renovation of the Indira Gandhi Memorial Hospital
- Construction of the Faculty of Hospitality and Tourism by 2015
- Establishment of a development finance institution
- Setting up an IT Village in Male
- Promotion of Maldives as a film shooting destination
- Enhance connectivity through the launch of a passenger-cum-cargo ferry service between Kochi and Male by November 2011
- India would provide $ 40 million line of credit for the housing sector and $ 100 million as soft loan for a comprehensive economic development package.
Cultural Bonds
- ICCR to set up the Indian Cultural Centre in Male
- India՚s music, dances, films and cuisine are popular with the people
- Maldives will host the next SAARC summit in November, for which India is extending all necessary assistance
- These efforts can perhaps be broadened by involving our youth
- India must invest in raising awareness and interest within India about relations with our smaller neighbours
India՚s Assistance to Maldives
- Extended assistance in the form of equipment and training
- Measures designed to enhance cooperation between Coast Guards
- Help in undertaking Hydrographical surveys in Maldivian waters Without a friendly, peaceful and prosperous South Asia, India՚s ambition to be a great power may remain unfulfilled.
Diaspora in Maldives
Nov 2011
- India Maldives sign a framework agreement of cooperation and development and a MoU, which will serve as the bedrock for joint cooperation in safeguarding each other՚s security interests.
- Security and development are the focus of the agreement
- India announced $ 100 mn in credit to the island nation for stabilising its fiscal position
- Maldives faces a serious credit crunch. It has allowed its currency to float in a limited band.