Finance Minister Nirmala Sitharaman conducted bilateral discussions with ministers from Saudi Arabia, Switzerland, Jordan, and Nepal on the margins of the AIIB annual meeting.
On the first day of her two-day trip to Qatar, Sitharaman met with her Saudi counterpart Mohammed Al-Jadaan, who expressed that Saudi Arabia is eager for the swift implementation of the bilateral investment treaty.
"Both ministers welcomed the successful conclusion of negotiations on the India-Saudi Arabia Bilateral Investment Treaty (BIT), which will provide a stronger and more predictable framework for bilateral investments and further strengthen investor confidence," the finance ministry said.
The Union Finance Minister stated that Saudi Arabia is a trusted and highly valued strategic partner for India, and underscored the extensive cooperation between the two nations spanning defence, security, trade, investment, energy, technology, healthcare, education, culture, and people-to-people contacts, the ministry noted.
The two ministers talked about deepening the strategic partnership between their countries, with the Saudi minister showing strong interest in attracting investment from India
Sitharaman also held discussions with the AIIB Governor from Switzerland, Ambassador Pietro Lazzeri, emphasizing the National Investment and Infrastructure Fund (NIIF) as a reliable vehicle for foreign investors looking to tap into opportunities in India.
She encouraged Swiss investors to consider NIIF’s infrastructure funds as a means to participate in India’s infrastructure growth.
Ambassador Lazzeri noted that Switzerland regards India as offering substantial prospects for portfolio diversification and investment.
He referred to the forthcoming state visit to India and the second EFTA Prosperity Summit in New Delhi.
He noted that the growth of Swiss Foreign Direct Investment (FDI) in India is surpassing global FDI trends and called for support in concluding the Bilateral Investment Protection Agreement.
Lazzeri also conveyed his interest in collaboration in the financial sector and in advancing sustainable finance.
The Union Finance Minister urged Swiss investors and financial institutions to consider investing in India’s indigenous financial services hub at GIFT IFSC, which provides a range of financial products and services, tax incentives, and a business-friendly ecosystem.
Sitharaman met Nepal’s Finance Minister Swarnim Wagle to review Nepal’s assessment and key priorities for reconstruction and recovery after the floods, stressing the need for ongoing coordination between their teams to determine the details of any assistance India can extend at this crucial juncture.
They also discussed the swift implementation and effective use of the UPI-NPI linkage as a measure that would benefit both nations.
Sitharaman also held talks with Jordan’s Minister of Planning and International Cooperation, Zeina Zeid Toukan, focusing on deepening bilateral collaboration.
She pointed out that India is Jordan’s fourth-largest trading partner and emphasized the goal of increasing bilateral trade to USD 5 billion by 2030.