On the sidelines of the 58th ADB Annual Meeting in Milan, Italy, Union Finance Minister Nirmala Sitharaman met with her Italian counterpart Giancarlo Giorgetti Monday. The two discussed ways to improve collaboration on matters of mutual interest in global and multilateral forums and fortify India-Italy economic ties.
In order to strengthen and advance our collaboration in important areas, Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni released the Joint Strategic Action Plan 2025–2029 in November 2024. This plan was the focus of the conference.
“With bilateral trade between the two countries reaching $14.56 billion in FY2023-24, FM @nsitharaman invited Italian companies to ‘Make in India’ through Government of India’s PLI schemes and emphasised the huge potential in digital technologies, agri-food processing, renewable energy, and high-end manufacturing,” the Finance Ministry wrote in a post on X.
The Finance Minister offered cooperation on cutting-edge financial solutions while highlighting India’s achievements with Digital Public Infrastructure (DPI) platforms including Aadhaar, UPI, and DigiLocker.
The significance of revamping Multilateral Development Banks (MDBs) to make them better suited to the requirements of developing nations, more capital-rich, and more in line with the Sustainable Development Goals (SDGs) was discussed by both finance ministers.
In order to further our climate pledges, FM Sitharaman emphasised co-financing models and cooperation in the areas of green hydrogen, carbon capture, energy efficiency, and the circular economy. He also said that both countries may use their advantages to jointly develop solutions for international markets.
Additionally, the Indian Finance Minister met with Katsunobu Kato, the Finance Minister of Japan, to discuss the two countries’ Special Strategic and Global Partnership.
In order to advance peace, prosperity, and stability in the Indo-Pacific area, the Union Finance Minister highlighted the importance of the India-Japan alliance, which is founded on shared values of democracy and the rule of law.
According to the Finance Ministry, they also talked about strengthening bilateral economic cooperation in the public and private sectors, advancing creative projects and expanding on current initiatives.
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.
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