I have just concluded very fruitful and productive discussions with His Excellency President Nasheed.

I conveyed to the President my warm felicitations on holding an extremely successful SAARC Summit. I am confident that under President Nasheed's chairmanship of SAARC, the pace of our activities will gather even greater momentum.

The President and I have reviewed our bilateral relations as well as regional and global issues of mutual interest. We have had a meeting of minds on all issues, including on the future direction of our partnership.

Bilateral cooperation between India and Maldives has been on a high growth trajectory in recent times. We have approached our partnership in a comprehensive, forward looking, pragmatic and mutually beneficial manner. We are working together on increasing connectivity and closer economic cooperation. These efforts are bearing fruit.

The President and I have signed a 'Framework Agreement on Cooperation for Development'. This Agreement puts in place a template for cooperation in a very wide range of areas such as trade and investment, food security, fisheries development, tourism, transportation, information technology, new and renewable energy, communications, and connectivity.

The Agreement recognises the role which our two countries can play in the Indian Ocean region.

The Government of India has agreed to extend a 100 million US dollars Standby Credit Facility to the Government of Maldives to help stabilize its fiscal position. We have agreed to examine a comprehensive package to help develop the Maldivian economy, including in the areas of banking and financial infrastructure and capacity building.

At the request of the Government of Maldives, India will undertake extensive renovation of the Indira Gandhi Memorial Hospital in Male. The project to construct the Faculty of Hospitality and Tourism Studies in Male is in full swing. We expect to hand over the project in mid-2013 after completion. The Government of India has also agreed to construct the National Police Academy of Maldives on which work will commence shortly.

We have examined the possibility of commencing regular passenger-cum-cargo ferry services between Cochin and Male at the earliest.

Both countries recognise the importance of jointly cooperating to safeguard our mutual security interests. We are cooperating on issues relating to climate change, piracy, terrorism, drug trafficking and other threats to both our countries. The Memorandum of Understanding signed today on Combating Terrorism, Drug Trafficking, Disaster Management and Coastal Security will provide the framework for expanded cooperation.

India attaches the highest importance to its relations with Maldives. We seek a deeper and stronger partnership with each other. We are guided by the premise that a prosperous, democratic and peaceful Maldives is in the interest of the entire region.

I wish to reiterate our continued commitment to assist Maldives in all possible ways as it seeks to play its rightful role in the comity of nations.

I once again thank the government and people of Maldives for the warm hospitality that has been extended to me during my visit.