India, Italy explore ways to strengthen economic ties at ADB meet

New Delhi, May 5 (IANS) Union Finance Minister Nirmala Sitharaman on Monday met her Italian counterpart Giancarlo Giorgetti, on the sidelines of the 58th ADB Annual Meeting in the Italian city of Milan and explored ways to strengthen India-Italy economic ties and enhance cooperation in global and multilateral platforms on issues of mutual interest.

The meeting highlighted implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni in November 2024, which will add depth and momentum to our cooperation in priority domains.

“With bilateral trade between the two countries reaching $14.56 billion in FY2023-24, FM @nsitharaman emphasised on the huge potential in Renewable Energy, digital technologies, agri-food processing, and high-end manufacturing and invited Italian companies to ‘Make in India’ through Government of India's PLI schemes,” the Finance Ministry said in a post on X.

The Finance Minister shared India's success with Digital Public Infrastructure (DPI) platforms like Aadhaar, UPI, and DigiLocker, proposing collaboration on innovative fintech solutions.

Both Finance Ministers discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to developing countries' needs, adequately capitalised, and better aligned with SDGs.

FM Sitharaman underlined co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and circular economy and stated that both nations can leverage their strengths to co-develop solutions for global markets, advancing our climate commitments.

The Indian Finance Minister also met Japan's Finance Minister Katsunobu Kato and discussed the Special Strategic and Global Partnership between the two nations.

The Union Finance Minister emphasised that the India-Japan partnership, based on shared values of democracy and rule of law, is vital for promoting peace, prosperity and stability in the Indo-Pacific region.

They also discussed deepening bilateral economic cooperation, in both public and private sectors, building on ongoing efforts and encouraging innovative initiatives, according to 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.

--IANS

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