India-Italy explored ways to strengthen economic ties and enhance cooperation at ADB meet

Union Finance Minister Nirmala Sitharaman on Monday met her Italian counterpart, Giancarlo Giorgetti, on the sidelines of the 58th ADB Annual Meeting in the Italian city of Milan. The two leaders explored ways to strengthen India-Italy economic ties and enhance cooperation on global and multilateral platforms on issues of mutual interest.

The meeting highlighted the implementation of the Joint Strategic Action Plan 2025–2029, announced by Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni in November 2024. The plan aims to add depth and momentum to cooperation in priority areas.

“With bilateral trade between the two countries reaching \$14.56 billion in FY2023–24, FM @nsitharaman emphasised the huge potential in renewable energy, digital technologies, agri-food processing, and high-end manufacturing. She invited Italian companies to ‘Make in India’ through the Government of India’s PLI schemes,” the Finance Ministry said in a post on X.

The Finance Minister shared India’s success with Digital Public Infrastructure (DPI) platforms like Aadhaar, UPI, and DigiLocker, and proposed collaboration on innovative fintech solutions.

Both finance ministers discussed the importance of reforming Multilateral Development Banks (MDBs) to make them more responsive to the needs of developing countries, adequately capitalised, and better aligned with the Sustainable Development Goals (SDGs).

FM Sitharaman also underlined co-financing models and collaboration in green hydrogen, carbon capture, energy efficiency, and the circular economy. She stated that both nations can leverage their strengths to co-develop solutions for global markets, advancing their climate commitments.

The Indian Finance Minister also met Japan’s Finance Minister, Katsunobu Kato, and discussed the Special Strategic and Global Partnership between the two nations.