India-Monaco Bilateral Brief

The Republic of India and the Principality of Monaco officially established diplomatic relations on 21 September 2007. Consular relations between the two countries have existed since 30 September 1954. Both countries enjoy cordial relations and have gradually developed their relations in various fields. Trade, tourism and taxation matters are some of the leading areas of cooperation which enrich the overall positive relations between India and Monaco.

Major Bilateral Visits/Interactions

Visits to India from the Principality of Monaco

• 13-17 October 2023: His Serene Highness (H.S.H.) Prince Albert II of Monaco, accompanied by a delegation, visited Mumbai to participate in the meeting of Executive Board of the International Olympic Committee.

• 04-05 February 2019: S.H. Prince Albert II paid an official visit to India with a high-level delegation during which he called-on the then President of India, Shri Ram Nath Kovind, and held meeting with Prime Minister Shri Narendra Modi. During the visit, the then External Affairs Minister, Smt. Sushma Swaraj, called-on H.S.H. Prince Albert II.

• 8-10 December 2016: H.S.H. Princess Charlene visited Madurai, Tamil Nadu.

• 1-6 October 2010: H.S.H. Prince Albert II visited New Delhi to attend the 2010 Commonwealth Games during which he met the then Prime Minister, Shri Manmohan Singh, on 04 October 2010.

Visits from India to the Principality of Monaco

• 08 June 2025: Union Minister of Earth Sciences, Jitendra Singh, paid a visit to Monaco where he and Norway’s Minister of International Development, Åsmund Grøver Aukrust, jointly hosted a high-level event on Marine Spatial Planning, Monaco Marine Conference, aboard the Norwegian tall ship Statsraad Lehmkuhl at the Port of Hercule in Monaco.

• 08 June 2025: Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences, attended the Blue Economic Finance Forum in Monaco which was convened as a special event of the 3^rd UN Ocean Conference.

• 10 November 2018: H.S.H. Prince Albert II had a brief interaction with the then Vice President of India, Shri M. Venkaiah Naidu, in Paris, during the latter’s visit to France.

• 21-22 May 2018: Shri Pon Radhakrishnan, the then Minister of State for Finance and Shipping, visited Monaco and held meetings with Mr. Jean Castellini, the Minister of Finance and Economy, and Mr. Gilles Tonelli, Minister of Foreign Affairs and Cooperation, respectively.

• 4 November 2014: Minister of Home Affairs, Shri Rajnath Singh, visited Monaco to attend an INTERPOL meeting.

• 31 July 2012: Shri S. S. Palanimanickam, the then Minister of State for Finance, visited Monaco to sign the bilateral Agreement on exchange of tax information.

Economic and Commercial Cooperation

2. In May 2018, Shri Pon Radhakrishnan, then Minister of State (MoS) for Finance and Shipping, led a high-level Indian delegation to the Principality of Monaco. During the visit, both sides committed to the first automatic exchange of financial account information starting in late 2018, aimed at curbing tax evasion. MoS held discussions with Monaco's Minister of Finance and Economy, Mr. Jean Castellini, focusing on Monaco's "Smart City" expertise, maritime cooperation, specifically coastal and cruise-liner tourism, as well as the protection of marine resources. Discussions also focused on Monaco's land reclamation technology, collaborations in cybersecurity and the digital management of smart urban environments.
3. India-Monaco bilateral trade figures for the period 2019-2024 (in Million Euros) are:

Source: Monaco Statistics (IMSEE)

4. Bilateral trade in goods between India and Monaco has shown a generally upward trajectory in recent years, rising from € 7.7 million in 2022 to around € 10 million in 2024. India’s exports have steadily increased over this period, climbing from € 7.1 million in 2022 to € 9.6 million in 2024, accounting for 0.3% of overall Monaco’s imports for the year 2024. Imports from Monaco have been modest, peaking at € 1.0 million in 2023 and standing at € 0.5 million in 2024.
5. Monaco imports a variety of products from India. A large share of Indian exports to Monaco comes from the textile and clothing industry, including fabrics, garments, and related products (roughly ~40 % of imports from India). A significant portion (nearly ~30 %) consists of machinery, appliances and equipment that include mechanical devices and small industrial or electrical machines. Monaco’s exports to India are much lower in volume compared with India’s exports to Monaco, and trade is dominated by manufactured and specialized industrial goods, including plastic and non-metallic manufactured products, and transport equipment and related items. These patterns reflect Monaco’s position as a small, specialized marketplace with demand for fashion and niche imports, and India’s diversified export base spanning textiles and machinery.

Cooperation on Climate and Energy

6. In June 2025, Dr. M. Ravichandran, Secretary of the Ministry of Earth Sciences (MoES), participated in the Blue Economy & Finance Forum (BEFF) in Monaco in June 2025 which was convened as a special event of the 3rd United Nations Ocean Conference (UNOC3) held in Nice.

7. During his 2019 visit, Prince Albert II participated in a conference “Energy and Climate”, organised by The Energy and Resources Institute (TERI) in New Delhi. Key areas of potential cooperation include climate change, biodiversity, pollution control, ocean and Blue Economy. Monaco has highly reputed institutions for oceans and scientific research.

8. Prince Albert II Foundation (with the Prince as the President) supports environmental priorities by hosting global events and funding universities, research institutions and NGOs internationally, especially in Least Developed Countries (LDCs). It has provided a limited level of support to a few NGOs in India. Ms. Sunita Narain of the Centre for Science and Environment (CSE) is a member of the Board.

Cooperation in Prevention of Tax Evasion and Avoidance

9. India and Principality of Monaco signed an Agreement for Exchange of Information with respect to Taxes on 31.07.2012 and the same is in force with effect from 27.03.2013. India and Monaco are both signatories to the Convention on Mutual Administrative Assistance in Tax Matters (MAAC). India signed the MAAC on 26.01.2012 and Monaco signed the same on 13.10.2014. India and the Principality of Monaco are regularly exchanging information under the India-Monaco TIEA and MAAC.

Consular and Community Relations

10. Consular relations between the Principality and India have existed since 30 September 1954.
11. According to the Monegasque Institute of Statistics and Economic Studies (IMSEE) data, over 50 Indians are working in the private sector and 13 Indians are registered at the Trade and Industry Register in Monaco as of December 2024.

12. In June 2013, India and Monaco signed bilateral agreement on Mutual Visa Exemption of Short Stay visas for holders of diplomatic passports, it was extended up to 180 days in February 2022.

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February 2026