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India, Maldives Sign MoU for Passenger and Cargo Services

India, Maldives Sign MoU for Passenger and Cargo Services
A Memorandum of Understanding (MoU), signed between India and the Maldives for the establishment of passenger and cargo services by sea, has received approval from The Union Council of Ministers of India.

Under the deal, signed on June 8, 2019, the parties are set to explore a proposed ferry service with a view to harness the potential opportunity that lies in passenger and cargo transportation by sea between the two countries.

India said that the service would contribute “in a big way to promote people to people contact and to boost bilateral trade.”

India has provided USD 100 million stand-by credit facility (SCF) to Maldives, including long-term loans and revolving credit for trade.

Male, the capital and most populous city and Kulhudhuffushi, the third most populous city of Maldives are good prospects for introduction of ferry service from Kochi for both tourists as well as cargo.

Jul 27, 2019 09:43
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