PM Modi announces $175 million special economic package for Seychelles

Prime Minister Narendra Modi has announced a $175 mn special economic package for Seychelles during a joint press statement with President Dr Patrick Herminie at the Hyderabad House in New Delhi. The funds are going to be used in various sectors like housing, e-mobility, vocational training, health, defence and maritime security. PM Modi called the development partnership a "strong foundation" between the two nations.

PM Modi announced that India and Seychelles continue to strengthen their economic cooperation. He expressed delight at the MoU between the two nations, which allows Seychelles to train its civil servants in India. The two nation has also agreed to work together to promote fintech and digital solutions to promote trade in local currencies.

"Development partnership has been a strong foundation of India-Seychelles relations. All our efforts have been based on Seychelles' priorities and needs. Moving forward in this direction, today we are going to announce a Special Economic Package of $175 million. This package will support concrete projects in sectors such as social housing, e-mobility, vocational training, health, defence and maritime security," said PM Modi in a statement.

Speaking at the joint press confrence PM Modi emphasised that development partnership is at the centre of the India-Seychelles relationship. The visit coincides with India's efforts to advance “Vision Mahasagar” to expand India's maritime engagement in the global south, with an emphasis on sustainability and regional security. "Our relationship spans the past, the present, and the future. As a maritime neighbour and trusted partner, Seychelles is an integral part of India's MAHASAGAR Vision. Our cooperation encompasses land, sea, and air," said PM Modi.

President Herminie is on a 3-day visit to India. Before arriving in New Delhi, he had held a multi-level meeting in Chennai and Mumbai. This is the first visit of Dr Patrick Herminie as the President of the island nation of Seychelles. PM Modi congratulated Herminie on his election and the 50th anniversary of the independence day of Seychelles.