The future of economic cooperation between the Maldives and India will be driven by opportunities in financial technology and renewable energy, Indian High Commissioner to the Maldives G. Balasubramanian has said.

Speaking on the Ministry of Economic Development, Transport and Trade’s “Trade Desk with Ana” podcast, High Commissioner Balasubramanian highlighted growing Indian investment in the Maldives, particularly in tourism and agriculture.

An Indian company is currently engaged in agricultural activities in Baa Atoll, while another Indian firm is preparing to begin a separate investment within this year.

Indian companies also have a significant presence in the tourism sector. The High Commissioner said six or seven Indian companies are currently working to develop additional resorts in the Maldives. Beyond tourism and agriculture, he identified fintech, energy supply, and renewable energy as key areas for future cooperation.

“I see the future in financial technology, including fintech, energy supply, and renewable energy,” High Commissioner Balasubramanian said. “We are working closely with the Maldivian Government and Payment Maldives to introduce fintech systems such as UPI in the Maldives.”

Efforts are also underway to expand bilateral trade and protect investments. The two countries are working towards a bilateral investment treaty, while discussions on a free trade agreement have begun, and the terms of reference have been signed.

The High Commissioner said the proposed agreement would go beyond the existing free trade framework under SAARC and move towards a “SAFTA Plus” arrangement. This is expected to reduce barriers faced by businesses and individuals exporting goods and services between the two countries.

Tourism services provided by the Maldives to India are valued at between USD 300 million and USD 400 million annually, with further room for growth in the sector.

Maldivian fish products are already exported to India without duties. The proposed trade arrangements are also expected to create additional opportunities for cross-border trade in services.