Minister of Economic Development, Transport and Trade Mohamed Saeed has highlighted opportunities to deepen economic engagement between the Maldives and India, calling for stronger private sector collaboration to expand trade, investment and long-term commercial partnerships.

Speaking at a business roundtable hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi, Minister Saeed said the Maldives is broadening its economic horizons by strengthening existing partnerships while pursuing new opportunities to build a more balanced and resilient economy.

The Minister said recent high-level engagements between President Dr Mohamed Muizzu and Indian Prime Minister Narendra Modi have strengthened bilateral relations and created fresh momentum for economic cooperation. He noted that business forums held in New Delhi, Bengaluru and Mumbai have also helped connect industry leaders and create new opportunities for partnership between businesses in both countries.

Minister Saeed said negotiations on the Bilateral Investment Treaty have been finalised, while discussions on a Free Trade Agreement (FTA) are now underway. He said the proposed FTA would create a stronger framework for trade in goods and services, provide more predictable market conditions, improve market access and encourage long-term investment and commercial partnerships between the two countries.

He also highlighted ongoing efforts to introduce UPI and RuPay services in the Maldives, alongside discussions on settling bilateral trade in local currencies. According to the Minister, the initiatives are expected to reduce transaction costs, simplify cross-border payments and further strengthen economic links between the Maldives and India. He also acknowledged India's continued commodities arrangement with the Maldives, describing it as an important source of essential supplies.

The Minister said the Government is continuing to strengthen the regulatory framework to make the Maldives a more attractive and reliable destination for investment through reforms aimed at improving transparency, easing market entry and reducing the cost of doing business. He added that the country's foreign investment policy prioritises value-added sectors, including tourism diversification and technology-driven industries, while emphasising the important role of the private sector in advancing the Maldives' long-term economic development.