India agrees to provide $175 million package to Seychelles, signs 7 agreements India News

New Delhi: Indian Prime Minister Narendra Modi announced a special economic package worth US$175 million while hosting Seychelles President Patrick Hermini for a bilateral meeting, reiterating India’s continued support and assistance to the Indian Ocean neighbor to meet its maritime security and defense needs. Modi said the package, which includes a US$125 million credit line and an additional US$50 million in grants, will support specific projects in areas such as social housing, electric transportation, vocational training, health, defense and maritime security, creating new employment and skills opportunities for the people of Seychelles, especially young people. The two countries signed seven agreements, including one covering ocean observation, ocean services, capacity building, data sharing and conducting marine scientific research, while also announcing the establishment of a hydrographic unit in Seychelles with assistance from India. Modi regarded defense cooperation and maritime security as important pillars of bilateral relations and welcomed Seychelles as a full member of the Colombo Security Conclave. “This will enhance our mutual coordination and strengthen efforts to ensure peace and stability in the Indian Ocean. Together we will shape not only bilateral cooperation but also the shared future of the Indian Ocean,” he said. The Prime Minister said India and Seychelles are connected not only by geography but also by history, trust and a shared vision for the future. Modi, who was invited by the president to attend the National Day celebrations in Seychelles, said: “Apart from expanding trade in local currencies, we will also promote cooperation in fintech and digital solutions.” According to the joint statement, the two leaders recognized that a strong partnership between Seychelles and India in the fields of maritime security and defense can enhance regional stability and security and promote the well-being and prosperity of the people of Seychelles and India. The joint statement stated that the two leaders further reaffirmed that Seychelles and India remain committed to ensuring that the Indian Ocean region is free, open, safe and secure and based on respect for international law, freedom of navigation and a rules-based maritime order. “Both sides reaffirmed their determination to work closely together to address maritime challenges such as piracy, drug smuggling and human trafficking, illegal, unregulated and unreported fishing and other transnational crimes, including those related to organized crime and terrorist financing, and to enhance peace, security and stability in the Indian Ocean region through enhanced maritime domain awareness, information sharing, capacity building and coordinated operational management,” the statement said. The leaders recognized that the relationship between the two countries is people-centered and enhances security and stability in the western Indian Ocean region.