Sitharaman meets Mexican Finance Minister to consolidate economic relations

Finance Minister Nirmala Sitharaman met her counterpart from Mexico, Rogelio Ramirez de la O, here on Saturday to discuss strategies for enhancing economic collaboration between India and Mexico.

At the meeting, Sitharaman welcomed Ramirez de la O back to the post of Secretary of Finance and Public Credit and complemented Mexico's very excellent six years of economic performance under prudent fiscal policies.

Sitharaman pointed out the potential for a mutually beneficial relationship through the vibrant startup ecosystem of India, highlighting innovative capabilities from her youth in both countries. She suggested the exchange of ideas that can spur growth and innovation.

She further committed to India's plan for infrastructure development as well as improving the Ease of Doing Business by eliminating approximately 1,500 outdated laws and streamlining around 6,000 compliance regulations.

Speaking at the India-Mexico Trade and Investment Summit later in the day, Sitharaman said that enormous scope existed for wide-ranging cooperation in multiple sectors, especially in the pharmaceutical and automotive manufacturing areas. She focused on how India is a stable political entity, has a trainable workforce, and the infrastructure is improving to make it an attractive proposition for investments.

She appealed for collaborative efforts to make the country stronger through diversification in prime areas such as semiconductors and high-tech electronics. She also presented India's present status as one of the world leaders in the digital economy, quoted that 87 per cent have passed the barrier in FinTech, and expressed confidence that cooperation with the rapidly emerging digital ecosystem of Mexico could be the leap towards leaps in cross-border fintech and digital payments.

Sitharaman also invited the Mexican entities to explore investment opportunities in banking, fund management, and the setting up of foreign universities, especially in GIFT-IFSC of Gujarat.