India-Italy Economic Ties Strengthen: 58th ADB Annual Meeting
Union Finance Minister Nirmala Sitharaman on Monday met her Italian counterpart Giancarlo Giorgetti on the sidelines of the 58th ADB Annual Meeting. The Finance Minister showcased India's success with Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker, and suggested cooperation on cutting-edge fintech solutions.
Union Finance Minister Nirmala Sitharaman on Monday held talks with her Italian counterpart Giancarlo Giorgetti, during the 58th ADB Annual Meeting in Milan and discussed ways to boost India-Italy economic cooperation and enhance cooperation at global and multilateral forums on matters of mutual interest.
The encounter emphasized operationalization of the Joint Strategic Action Plan 2025-2029 unveiled by Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni in November 2024, which shall bring richness and pace to our cooperation in priority areas.
"With two-way trade between the two nations crossing $14.56 billion in FY2023-24, FM sitharaman highlighted the massive opportunity in Renewable Energy, digital technology, agri-food processing, and high-end manufacturing and invited Italian businesses to 'Make in India' under Government of India's PLI schemes," the Finance Ministry posted on X.
The Finance Minister announced India's achievements with Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker, offering collaboration on innovative fintech solutions.
FPJ Shorts
Both Finance Ministers addressed the need for transforming Multilateral Development Banks (MDBs) into more responsive banks to developing countries' needs, properly capitalised, and better aligned with SDGs.
FM Sitharaman emphasized co-financing approaches and collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy and said that both countries can capitalize on their respective strengths to co-create solutions for global markets, developing our climate pledges.
The Indian Finance Minister also had a meeting with Japan's Finance Minister Katsunobu Kato and discussed the Special Strategic and Global Partnership between the two countries.
The Union Finance Minister stressed that the India-Japan relationship, founded on common values of democracy and rule of law, is crucial for advancing peace, prosperity and stability in the Indo-Pacific region.
They also talked about strengthening bilateral economic cooperation, both in the public and private sectors, based on the efforts already underway and promoting innovative initiatives, as per the Finance Ministry.
Earlier, FM Sitharaman addressed the Governors' Business Session at the 58th ADB Annual Meeting, and emphasised India's growth story and vision for Viksit Bharat 2047 under the leadership of PM Modi.
She endorsed ADB’s vision of a more proactive, agile, bold and client-centric bank.
"These attributes are crucial in our collective journey towards a prosperous, inclusive, resilient and sustainable Asia and Pacific,” FM Sitharaman added.
