New Delhi
Finance Minister Nirmala Sitharaman met with her Mexican counterpart, Rogelio Ramirez de la O, in Mexico City to discuss enhancing economic relations between India and Mexico. During the meeting on Saturday, Sitharaman congratulated Ramirez on his reappointment as Secretary of Finance and Public Credit and praised the strong performance of the Mexican economy over the past six years due to prudent fiscal policies.
Sitharaman proposed a partnership through India’s startup ecosystem, highlighting the potential for innovative solutions from the youth of both nations. She also emphasized India’s focus on infrastructure spending and improving the Ease of Doing Business by removing outdated laws and regulations.
In her address at the India-Mexico Trade and Investment Summit, Sitharaman noted that cooperation between the two countries could span multiple sectors, particularly in pharmaceuticals and automotive manufacturing. She pointed out India’s political stability, skilled workforce, and growing infrastructure as advantages for investment.
Sitharaman stressed the importance of diversification for resilience in critical components like semiconductors and electronics. She proposed that the partnership could encourage mutual market penetration through investment incentives, especially in electronics manufacturing and research facilities.
Additionally, she highlighted India’s leadership in the digital economy, citing a high adoption rate in the fintech sector. With Mexico’s developing digital landscape, she sees opportunities for collaboration in fintech and digital payments.
Sitharaman also invited Mexican entities to explore investment opportunities in various sectors, including banking, fund management, and education, particularly in India’s GIFT International Financial Services Centre.
