India's Finance Minister, Nirmala Sitharaman, met with her Mexican counterpart, Rogelio Ramirez de la O, on Saturday in Mexico City to discuss areas of mutual interest and ways to strengthen economic ties between the two countries.
During the meeting, Sitharaman congratulated Ramirez de la O on his reappointment as Secretary of Finance and Public Credit for a second consecutive term. She also praised Mexico's strong economic performance over the past six years, attributing it to prudent fiscal management.
Sitharaman proposed a partnership centred on India's vibrant startup ecosystem, highlighting the potential of the country's youth to deliver innovative solutions. She emphasised that an exchange of ideas between India and Mexico could be mutually beneficial.
The finance minister also detailed India's focus on infrastructure development and improving the Ease of Doing Business, citing the removal of 1,500 outdated laws and about 6,000 regulatory compliances across various sectors. She expressed India's willingness to share its experiences and explore collaboration in Mexico’s digital transformation.
Drawing parallels between the two nations, Sitharaman discussed the Indian government's efforts under Prime Minister Narendra Modi to provide basic necessities such as food security, housing, electricity, cooking gas, and technology-driven financial inclusion, noting similarities in Mexico’s priorities.
In addition to the meeting, Sitharaman addressed the India-Mexico Trade and Investment Summit, where she highlighted opportunities for broader, multi-sectoral cooperation between the two countries. She pointed to India's potential for growth in areas such as pharmaceutical manufacturing and the automotive industry.
She further stressed the importance of political stability, a skilled workforce, and expanding infrastructure in India, suggesting joint efforts to enhance supply chain resilience in critical sectors like semiconductors and high-tech electronics.
Sitharaman underlined India’s leadership in the digital economy, with an 87% adoption rate in the FinTech sector, citing initiatives like UPI and India Stack. She noted that Mexico’s growing digital ecosystem could pave the way for cross-border collaboration in FinTech and digital payments.
She invited Mexican entities to explore investment opportunities in banking, fund management, global in-house capability centres, aircraft and ship leasing, and the establishment of foreign universities at the GIFT-IFSC in India.
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