In North Carolina, India pushes global investment partnerships
Asheville (North Carolina), Sep 2 (IANS) India has moved to deepen economic partnerships with the European Union, the World Bank, the International Monetary Fund and several major economies, with Finance Minister Nirmala Sitharaman using the G20 meeting in Asheville to seek greater investment, stronger supply chains and wider access to advanced technologies.
Sitharaman held a series of bilateral meetings on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting.
Her discussions covered critical minerals, infrastructure financing, digital public infrastructure, artificial intelligence, trade and cross-border payment systems.
In talks with European Commissioner for Economy and Financial Affairs Valdis Dombrovskis, the two sides discussed strengthening the India-EU Economic and Financial Partnership. They also reviewed cooperation through the macroeconomic dialogue and the Trade and Technology Council.
The meeting covered negotiations for the India-EU Free Trade Agreement and Investment Protection Agreement. Both sides expressed a commitment to advance the negotiations.
They also discussed resilient and diversified supply chains, including cooperation on critical raw materials and technologies.
Sitharaman stressed the need to build processing and value-addition capabilities rather than focus only on sourcing critical minerals.
India and the EU will also explore greater cooperation in FinTech, artificial intelligence and generative AI.
The discussions included efforts to foster closer engagement between Indian and European start-ups.
In a separate meeting with World Bank President Ajay Banga, Finance Minister Sitharaman welcomed the speedy processing of $1.5 billion in Development Policy Financing.
She also noted the International Finance Corporation’s support to micro, small and medium enterprises through the Small Industries Development Bank of India.
The two discussed a larger role for the Multilateral Investment Guarantee Agency in India. Its guarantees could help deepen corporate, infrastructure and municipal bond markets while mobilising private capital.
They also considered political risk insurance for Indian companies investing overseas and credit enhancement for infrastructure projects.
Sitharaman raised India’s work with the World Bank Group to establish a Global Digital Public Infrastructure Knowledge Hub in the country.
The initiative could explore the use of technology in sectors such as agriculture.
The meeting also covered plans to develop globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework.
The proposed model would combine policy and infrastructure support, private investment and guarantees.
Sitharaman and IMF Managing Director Kristalina Georgieva in their meeting reviewed the global economic outlook and India’s growth trajectory, a media statement said.
Georgieva noted India’s strong economic performance and the resilience built by its economy.
The Finance Minister stressed the need for evidence-based surveillance frameworks that adequately capture structural shifts in emerging market and developing economies.
The two also discussed IMF initiatives to strengthen institutional capacity, policymaking and statistical systems.
Sitharaman’s meeting with South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol focused on investment, critical minerals and resilient supply chains. They agreed to advance working-level consultations for the India-Korea Finance Ministers’ Meeting.
India welcomed greater Korean investment in emerging sectors and proposed stronger cooperation through the National Investment and Infrastructure Fund, a press statement said.
The two sides also discussed a concessional credit line for infrastructure and green-transition projects.
Efforts to make India and South Korea’s QR-based payment systems interoperable were also reviewed. Such a system could make payments easier for travellers and strengthen commercial and people-to-people links.
In other meetings, Sitharaman discussed multilateral development banks with Russian Finance Minister Anton Siluanov, investment and energy cooperation with Qatari Finance Minister Ali bin Ahmed Al Kuwari, and trade, defence, energy security and emerging technologies with Polish Finance Minister Andrzej Domanski.
India and the EU have been negotiating a broad trade agreement alongside an investment protection pact, with market access, regulatory standards and resilient supply chains among the central issues. Their Trade and Technology Council provides a platform for cooperation in digital technologies, clean energy and trade.
–IANS
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