Nirmala Sitharaman Invites Mexican investors To Explore Opportunities In India's GIFT-IFSC And Global In-House Capability Centers

New Delhi: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, on Saturday invited Mexican investors to explore opportunities in India's Global In-House Capability Centers (GICCs), aircraft leasing, ship leasing, and even foreign university setups at GIFT-IFSC, which is emerging as a global hub for reinsurance and sustainable finance.

The Finance Minister participated in the India-Mexico Trade and Investment Summit, marking a significant step towards enhancing bilateral trade and investment ties between both countries, the Finance Ministry said in a post on social media X. Sitharaman urged private sector leaders from both nations to drive forward this growing partnership, particularly in sectors like pharmaceuticals, MedTech, and digital innovation, to strengthen the economic ties between India and Mexico.

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today participated in the India Mexico Trade and Investment Summit on 'Enhancing Trade and Investment Collaboration', in Mexico City.

The Minister of Economic Development for Mexico City, H.E. Ms. Manola Zabolza… pic.twitter.com/lNos5erbQh — Ministry of Finance (@FinMinIndia) October 19, 2024

Addressing the summit, Finance Minister Sitharaman highlighted the potential for a multi-sectoral partnership between India and Mexico, emphasising India's growing strength in manufacturing, pharmaceuticals, and automotive sectors. She recalled the elevation of India-Mexico relations from a 'Privileged Partnership' to a 'Strategic Partnership' during Prime Minister Narendra Modi's 2016 visit to Mexico.

Emphasising India's political stability, a large skilled workforce, and growing infrastructure, the Finance Minister said that joint efforts can focus on strengthening resilience through diversification, especially for critical components like semiconductors, printed circuit boards PCBs, and other high-tech electronics.

She also underscored India's leadership in the digital economy, noting that India's fintech sector has an adoption rate of 87 per cent, bolstered by initiatives like UPI and IndiaStack. The minister proposed that the India-Mexico partnership could leverage these advancements for cross-border collaborations, particularly in fintech and digital payments.

Further, Sitharaman invited Mexican investors to explore opportunities in India's Global In-House Capability Centers (GICCs), aircraft leasing, ship leasing, and even foreign university setups at GIFT-IFSC, which is emerging as a global hub for reinsurance and sustainable finance. On the sidelines of the summit, a Memorandum of Understanding (MoU) was signed between CII and CCE, aimed at fostering greater business-to-business interactions and increasing Mexico's sourcing of pharmaceuticals and medical devices from India.

The Summit was centered on boosting collaboration between the two nations in diverse sectors including IT, pharmaceuticals, healthcare, and automotive industries.Organised by the Trade and Commerce Council of India, in collaboration with CII and the Indian Embassy in Mexico, the summit drew in over 250 business leaders and investors across various industries.