At the G20 Finance Ministers and Central Bank Governors meeting in Asheville, the Finance Minister held talks with key global partners on infrastructure, investment, technology, trade and private capital.

Union Finance Minister Nirmala Sitharaman pushed for deeper trade, investment and financial cooperation with key global partners during a series of bilateral meetings on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville.

The discussions focused on expanding infrastructure and green investments, mobilising private capital and strengthening cooperation in emerging technologies and financial systems. 

World Bank partnership gets sharper focus

During her meeting with World Bank Group President Ajay Banga, Sitharaman appreciated the World Bank's continued engagement with India and the speedy processing of $1.5 billion in Development Policy Financing.

The two sides discussed giving a larger role to the Multilateral Investment Guarantee Agency (MIGA) in India. The focus included using guarantees to deepen corporate, infrastructure and municipal bond markets and attract greater private capital. 

The discussions also covered a sector-based approach to credit enhancement for infrastructure. Banga, according to the Ministry of Finance, noted the transformation in India's infrastructure and the scope for greater use of World Bank Group instruments, including MIGA's political risk insurance for Indian companies investing overseas. 

Sitharaman also highlighted India's engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, with potential applications in areas such as agriculture.

The two sides further discussed developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework. The broader objective is to move the relationship beyond a traditional lender-borrower model towards greater cooperation in knowledge, innovation and private capital mobilisation. 

India-EU economic partnership also on agenda

Sitharaman separately met European Commission Commissioner for Economy and Financial Affairs Valdis Dombrovskis.

The discussions covered the India-EU Economic and Financial Partnership, including the macroeconomic dialogue and Trade and Technology Council. The two sides also discussed ongoing negotiations for the India-EU Free Trade Agreement and Investment Protection Agreement. 

Resilient and diversified supply chains were another focus, particularly cooperation on critical raw materials and technologies. Sitharaman stressed that India should focus not only on sourcing critical minerals but also on developing domestic processing and value-addition capabilities. 

The talks also explored cooperation in FinTech, artificial intelligence and generative AI, including stronger engagement between Indian and European start-ups.

Talks with other major economies

Sitharaman also held discussions with finance ministers and senior economic officials from Poland, Qatar, Russia and South Korea.

With Poland, the discussions covered trade, services, defence, energy security and emerging technologies. Qatar's Finance Minister Ali bin Ahmed Al Kuwari discussed trade, investment, energy, infrastructure and logistics with Sitharaman and invited her to the 11th Annual Meeting of the AIIB Board of Governors in Doha.

Her meeting with Russian Finance Minister Anton Siluanov covered bilateral and global economic developments, including cooperation through the New Development Bank and Asian Infrastructure Investment Bank. With South Korean Deputy Prime Minister Koo Yun-cheol, the focus included financial cooperation, critical minerals, resilient supply chains and investment. 

Sitharaman's engagements come as India seeks to broaden economic partnerships and attract more private investment into infrastructure, technology and other growth sectors.

She is in the US as part of her official visit to Canada and the US from August 25 to September 2, and is leading India's delegation at the G20 FMCBG meeting under the US G20 presidency.