Saeed: FTA with India will open opportunities for Maldivian marine industry

Economic Minister Mohamed Saeed states that the proposed Free Trade Agreement (FTA) and Bilateral Investment Treaty (BIT) between the Maldives and India will create significant opportunities for the Maldivian marine sector and the wider economy.

Speaking in an interview with Indian news outlet "WION," Minister Saeed described his recent discussions in New Delhi with India’s Minister of Commerce and Industry Piyush Goyal as highly productive. He detailed that the talks focused on further strengthening economic cooperation between the two countries, noting that negotiations on the BIT have been concluded while discussions on the FTA are advancing rapidly.

The Minister explained that once implemented, the agreements will provide Maldives’ fisheries, marine products, digital services, and other key productive sectors with preferential access to India’s extensive market. He further highlighted that the BIT is expected to encourage greater Indian investment in important sectors such as tourism, renewable energy, healthcare, and education.

Minister Saeed emphasized that the agreements will play a significant role in advancing President Dr. Mohamed Muizzu’s vision of increasing the contribution of the digital economy to 33 percent of the Maldives’ Gross Domestic Product (GDP). He stated that stronger cooperation with India would support digital transformation and innovation while creating employment opportunities, facilitating technology transfer, and expanding market access for small and medium-sized enterprises (SMEs).

The Minister credited the strengthening economic relationship between the two countries to the momentum created by President Muizzu’s recent state visit to India and the subsequent engagements with Prime Minister Narendra Modi. He noted that business forums held in New Delhi, Mumbai, and Bangalore during the visit had significantly strengthened ties between the public and private sectors of both nations.

The discussions in New Delhi also addressed measures to improve air connectivity, which remains a key factor in expanding tourism—the foundation of the Maldivian economy. Enhanced connectivity is expected to increase tourist arrivals while generating additional trade and investment opportunities. The two ministers also discussed measures to simplify customs procedures, strengthen supply chains, and introduce reforms aimed at reducing trade barriers.

Minister Saeed concluded that the agreements represent more than an expansion of trade, describing them as strategic opportunities to diversify the Maldivian economy and improve overall economic prosperity.

He expressed confidence that the partnership would further strengthen the longstanding friendship between the Maldives and India while supporting the Maldives’ long-term goal of developing a globally competitive economy. The Minister added that once the agreements come into effect, their benefits will become increasingly visible for businesses and citizens in both countries.