NEW DELHI

India on Monday announced a special economic package of $175 million for Seychelles as Indian Prime Minister Narendra Modi held talks with Seychelles President Patrick Herminie.

Herminie, who is on a state visit to India from Feb. 5 to 10, held “comprehensive and productive discussions covering the entire spectrum of bilateral relations,” with Modi, according to an India-Seychelles joint vision statement on sustainability, economic growth and security through enhanced linkages, adopted by the two countries on Monday.

“Both sides agreed to intensify political and socio-economic engagements at leadership, Ministerial and Senior Official levels,” the joint vision statement said, adding that the parties “agreed to deepen cooperation and intensify parliamentary exchanges between the two countries, including the sharing of best practices on parliamentary proceedings and capacity building.”

New Delhi announced a special economic package of $175 million, which “will include blended financial assistance of $125 million in a rupee-denominated line of credit and $50 million in grant assistance for development cooperation projects, capacity building for civilians and defense officials, maritime security, etc." the statement said.

In a media statement, Modi said: “Together, we will shape not just bilateral cooperation, but a shared future for the Indian Ocean.”

The two sides also signed various Memoranda of Understanding on Monday.

India and Seychelles established diplomatic ties in 1976, and bilateral trade continues to show positive growth.

Seychelles imported goods and services worth $91.73 million in 2024 while exports to India stood at around $2.46 million.