India-Mexico trade summit: Nirmala Sitharaman pushes for multi-sectoral cooperation

Finance Minister Nirmala Sitharaman on Saturday met Mexican Finance Minister Rogelio Ramírez Delao and discussed areas of mutual interest and strengthening economic ties between India and Mexico.

During their meeting in Mexico City, Ms. Sitharaman congratulated Ms. Delao on her appointment as Secretary of Finance and Public Credit for a second consecutive term and praised the strong performance of the Mexican economy over the past six years due to prudent fiscal policies. praised.

Sitharaman suggested a mutually beneficial partnership between India and Mexico through the Indian startup ecosystem, saying that youth have the ability to come up with innovative and effective solutions and the exchange of such ideas can help both countries. He emphasized.

In the Ministry of Finance’s post on The Ministry of Finance also shared that it is focusing on ease of use.

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The finance minister said India would be happy to share its experience with the Mexican government and explore cooperation based on India’s digital transformation.

Elaborating on the philosophy of the Government of India under the leadership of Prime Minister Narendra Modi, who is in his third term, to ensure basic minimum needs for all Indians, including food security, housing, electricity, cooking gas and technology-driven It showed similarities between India and Mexico in terms of provision. #FinancialInclusion and income supplementation to name a few.

In a separate post, the Finance Ministry said Sitharaman also spoke at the India-Mexico Trade and Investment Summit in Mexico City.

Addressing the summit, he said India-Mexico cooperation has the potential to be wide-ranging and multi-sectoral towards deeper and more dynamic cooperation between the two countries, adding that India has the potential for significant growth and investment, particularly in the pharmaceutical manufacturing and automotive sectors. He said that it offers many opportunities. Sector.

He highlighted India’s political stability, large skilled workforce and growing infrastructure, and said joint efforts will build resilience, especially by diversifying into critical components such as semiconductors, printed circuit boards and other high-tech electronics. He said the focus could be on strengthening.

The Union Finance Minister said the India-Mexico partnership will facilitate deeper penetration into each other’s markets, especially through investment incentives for electronics manufacturing and research and development facilities in growth areas such as 5G, AI and consumer electronics. He said there is a possibility.

She said India is emerging as a global leader in the digital economy, with adoption rates reaching 87% in the fintech space thanks to initiatives such as UPI and India Stack, and the growth of Mexico’s digital ecosystem. India-Mexico partnership brings cross-border collaboration, FinTech and digital payments innovation.

The Minister of Finance also invited Mexican entities to explore cooperation and investment opportunities in areas such as banking, treasury management, global in-house competency centers, aircraft leasing, ship leasing, and the establishment of foreign universities at GIFT-IFSC. did.