Sitharaman Meets Italian, Japanese Counterparts At ADB Summit In Milan

Union Finance Minister Nirmala Sitharaman held bilateral talks with her Italian counterpart Giancarlo Giorgetti on Monday in Milan, during the 58th Annual Meeting of the Asian Development Bank (ADB).

The meeting focused on enhancing India-Italy economic ties and expanding collaboration on multilateral platforms to address shared global challenges.

The two leaders discussed the Joint Strategic Action Plan 2025–2029, announced by Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni in November 2024.

This roadmap aims to deepen cooperation in key sectors, adding momentum to bilateral relations.

Trade, Investment, And Manufacturing Take Centre Stage

With bilateral trade reaching $14.56 billion in FY 2023–24, Finance Minister Sitharaman stressed the potential for greater cooperation in renewable energy, digital technologies, agri-food processing, and high-end manufacturing.

She invited Italian companies to participate in India’s Production-Linked Incentive (PLI) schemes, encouraging them to ‘Make in India’.

She also showcased India’s success in developing Digital Public Infrastructure (DPI) platforms such as Aadhaar, UPI, and DigiLocker, and proposed that both nations work together on innovative fintech solutions for global use.

Call For MDB Reforms And Climate Technology Co-Development

During the dialogue, both finance ministers agreed on the need to reform Multilateral Development Banks (MDBs) to better support developing countries.

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Sitharaman emphasised the importance of making MDBs more responsive, well-capitalised, and aligned with the Sustainable Development Goals (SDGs).

She also advocated for co-financing models and partnerships in green hydrogen, carbon capture, energy efficiency, and the circular economy, suggesting that India and Italy could co-develop scalable solutions for global markets and advance climate commitments.

Strengthening India-Japan Economic Partnership

On the sidelines of the ADB meeting, Sitharaman also met Japanese Finance Minister Katsunobu Kato.

Their discussion centred on the India-Japan Special Strategic and Global Partnership, grounded in democratic values and the rule of law.

Both ministers reiterated their commitment to peace and stability in the Indo-Pacific and discussed ways to deepen economic cooperation in both public and private sectors.

They also explored innovative initiatives to expand bilateral engagement.

India’s Vision For Viksit Bharat 2047 Presented At ADB

Earlier in the day, Sitharaman addressed the Governors’ Business Session of the ADB, where she shared India’s growth trajectory and long-term development vision under Viksit Bharat 2047, led by Prime Minister Modi.

She endorsed ADB’s transformation into a proactive, agile, bold, and client-centric institution, adding that these qualities are crucial in the region’s pursuit of a resilient, inclusive, and sustainable future.