Maldives President Muizzu Congratulates PM Modi On Becoming India's 2nd Longest Serving Prime Minister

Male: Maldivian President Mohamed Muizzu has extended his warmest congratulations to Prime Minister Narendra Modi for serving 4078 consecutive days in office, making him the second-longest-serving Prime Minister of India. During his two-day visit to the Maldives, PM Narendra Modi was warmly welcomed by President Muizzu, and the two leaders engaged in fruitful discussions, strengthening the bonds of friendship and cooperation between their nations. 

It was at the official banquet hosted in honour of PM Modi, President Muizzu praised the Prime Minister's leadership, saying, "This remarkable milestone, 4078 consecutive days in office, is a testament to your unwavering commitment to public service and dedication to the progress and prosperity of the Indian people."

PM Modi's visit is termed as an important event in India-Maldives relations, with several agreements being announced to boost cooperation in trade, agriculture, health, and social welfare. The two leaders discussed ways to enhance economic cooperation, with a focus on promoting regional stability and prosperity. One of the key agreements was the introduction of a Local Currency Settlement System (LCSS), allowing trade to be conducted directly in Rufiyaa and Rupee. The move is expected to reduce dependency on foreign currencies and enhance economic resilience.

Importance Of India-Maldives Ties

The LCSS will enable exporters and importers to invoice and pay in their respective domestic currencies, optimising transaction costs and settlement time. The arrangement will also promote investments and remittances between the two countries. Additionally, the linking of India's Unified Payments Interface (UPI) with the Maldives' payment systems will facilitate fast, convenient, and cost-effective cross-border fund transfers. PM Modi asserted that the promotion of UPI in the Maldives will strengthen both the tourism and retail sectors, making transactions easier for Indian tourists and residents.

The India-Maldives partnership is built on a foundation of mutual trust, respect, and cooperation. PM Modi's visit underlined India's commitment to supporting the Maldives' development journey. India has extended a Line of Credit worth $565 million to the Maldives, which will facilitate various development projects, including the construction of 4000 social housing units, the Greater Male Connectivity Project, and the redeveloped Hanimaadhoo International Airport. These projects will transform the region into an important transit and economic hub, benefiting many families in the Maldives.

PM Modi and President Muizzu stressed on looking to the future, as both India and Maldives are poised to reap the benefits of their strengthened partnership. With a shared vision for peace, stability, and prosperity in the Indian Ocean region, India and the Maldives are set to forge a new era of cooperation and development. The LCSS and UPI linkage is just the beginning of a bright future ahead, one that promises to bring economic benefits and opportunities for growth and development.