India EAM: USD 220m investment in Addu shows commitment to Maldives’ regional development

Indian External Affairs Minister Dr. S. Jaishankar says that India has invested around USD 220 million in Addu City over the last few years, demonstrating the importance it attaches to Maldives’ regional development.

Jaishankar arrived on a three-day visit to Maldives on Friday, marking the top Indian diplomat’s first visit to Male’ since the new Maldivian administration took office in November last year.

He visited the southern Maldivian city of Addu on Sunday, in the last leg of his trip, to officially hand over two key projects financed through the USD 800 million line of credit facility from the Exim Bank of India; the Addu reclamation and shore protection project and the Addu detour link project.

Speaking at the handover ceremony, Jaishankar said that the Indian government has invested around USD 220 million in Addu over the last few years.

“This would provide a fair idea of the importance that we attach to regional development in Maldives,” he said.

Jaishankar said that the Maldives-India development cooperation is aimed at touching all facets of the lives of the Maldivian people, and to find ways of bringing tangible benefits to their lives.

“… and it is really in many ways I think a statement in itself that we are today among the largest trading partners of Maldives,” he said.

Jaishankar said that there have been greater investment flows from India to Maldives in recent years, particularly in the tourism sector.

“… and we really appreciate that the diversification of the various sectors of cooperation is driven by the needs and priorities of the people of Maldives,” he said.

The USD 80 million land reclamation and shore protection project in Addu has seen the reclamation of 228 hectors of land. It is aimed at resolving the housing crisis in the city and also involved the reclamation of land for tourism development purposes and overall economic development of Addu.

“This would translate in overall growth for the region, bringing in better opportunities for employment, entrepreneurship and trade,” said Jaishankar.

Meanwhile, the USD 70 million 1.4 kilometer four-lane Addu detour bridge or the Hankede bridge – a component of the India-backed Addu road and drainage redevelopment project – is set to open next month.

It is expected to significantly ease connectivity within the atoll.

Jaishankar said that India has focused not only on developing Addu's facilities as a region, but also connecting it to the outside world.

“The government of Maldives under the Indian LOC is undertaking the redevelopment of the Gan International Airport, a connectivity project with an outlay of USD 29 million that will bridge the gap between Addu atoll and Maldives and the rest of the world. It will boost investor confidence and increase local tourism in Gan and southern atolls, with broader economic gains expected to materialize for many local communities,” he said.

Jaishankar said that India places an equal emphasis on impactful community development projects.

“We are already partnering on 65 projects of which 12 are in Addu. Five of these projects have already been delivered. We are happy to see the success of this high impact community development project model, expand its footprint and increase its presence on an exponential scale,” he said.

Jaishankar said that investment in physical infrastructure is but the first step, that will bear fruits when it is evenly matched with investment in human resource development.

“India has significantly scaled up its training and capacity building cooperation. We remain open to the evolving needs and priorities of our Maldivian friends, and would endeavor to provide customized solutions to their requirements,” he said.

Before he concluded his speech, Jaishankar described the two projects inaugurated in Addu as a testimony to the theme of the Maldives-India friendship.

“They stand as a testimony to the defining theme of our partnership, which is ‘Imagined by Maldives, Delivered by India’. I'm confident that these projects will have a transformative impact on the economy of the region, and help spur development for many generations to come,” he said.