At the 58th Asian Development Bank (ADB) Annual Meeting held in Milan, Italy, India and Italy took significant steps to bolster their economic partnership.
Union Finance Minister Nirmala Sitharaman met with her Italian counterpart, Giancarlo Giorgetti, to explore avenues for enhancing bilateral economic cooperation and collaboration on global and multilateral platforms.A key highlight of the discussions was the implementation of the Joint Strategic Action Plan 2025-2029, announced by Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni in November 2024. This plan aims to deepen cooperation in various sectors, including renewable energy, digital technologies, agriculture, and high-end manufacturing. With bilateral trade between the two countries reaching $14.56 billion in FY2023-24, there is significant potential for further growth in these areas.
Minister Sitharaman emphasized India’s success with Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker, proposing collaboration with Italy on innovative fintech solutions. Both ministers also discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to the needs of developing countries, adequately capitalized, and better aligned with Sustainable Development Goals (SDGs).
Furthermore, the ministers deliberated on co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and the circular economy. They agreed that both nations could leverage their strengths to co-develop solutions for global markets, advancing their climate commitments.
Minister Sitharaman also met with Japan’s Finance Minister Katsunobu Kato to discuss the Special Strategic and Global Partnership between India and Japan. They emphasized the importance of this partnership in promoting peace, prosperity, and stability in the Indo-Pacific region and discussed deepening bilateral economic cooperation in both public and private sectors.Earlier, Minister Sitharaman addressed the Governors’ Business Session at the 58th ADB Annual Meeting, highlighting India’s growth story and vision for ‘Viksit Bharat 2047’ under the leadership of Prime Minister Modi. She endorsed ADB’s vision of a more proactive, agile, bold, and client-centric bank, emphasizing the need for these attributes in the collective journey towards a prosperous, inclusive, resilient, and sustainable Asia and Pacific.The discussions at the ADB Annual Meeting underscore the commitment of India and Italy to strengthen their economic ties and collaborate on global challenges, paving the way for a more sustainable and prosperous future.
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India and Italy Forge Stronger Economic Ties at ADB Meet
