Union Minister for Finance and Corporate Affairs Nirmala Sitharaman invited Mexican investors to explore various opportunities in India, particularly in Global In-House Capability Centers (GICCs), aircraft leasing, ship leasing, and the establishment of foreign universities at the GIFT-IFSC. This emerging hub is positioning itself as a global center for reinsurance and sustainable finance.
Speaking at the India-Mexico Trade and Investment Summit, Sitharaman emphasized the importance of enhancing bilateral trade and investment ties between the two countries, according to a post from the Finance Ministry on social media platform X. She urged private sector leaders from both nations to foster this growing partnership, particularly in sectors such as pharmaceuticals, MedTech, and digital innovation.
During her address, Sitharaman highlighted the potential for a multi-sectoral partnership, underlining India’s strengths in manufacturing, pharmaceuticals, and the automotive sector. She recalled the upgrade of India-Mexico relations from a “Privileged Partnership” to a “Strategic Partnership” during Prime Minister Narendra Modi’s visit to Mexico in 2016.
She stressed India’s political stability, a large skilled workforce, and developing infrastructure, noting that collaborative efforts could enhance resilience through diversification, especially in critical components like semiconductors, printed circuit boards (PCBs), and high-tech electronics.
Sitharaman also pointed out India’s leadership in the digital economy, highlighting that the fintech sector has an adoption rate of 87%, driven by initiatives such as UPI and IndiaStack. She proposed leveraging these advancements for cross-border collaborations, especially in fintech and digital payments.
In addition, she invited Mexican investors to investigate opportunities in GICCs and the GIFT-IFSC, which is becoming a global hub for sustainable finance and reinsurance.
On the sidelines of the summit, a Memorandum of Understanding (MoU) was signed between the Confederation of Indian Industry (CII) and the Mexican Business Council for Health (CCE) to enhance business-to-business interactions and increase Mexico’s sourcing of pharmaceuticals and medical devices from India.
The summit focused on boosting collaboration between India and Mexico across various sectors, including IT, pharmaceuticals, healthcare, and automotive industries. Organized by the Trade and Commerce Council of India in collaboration with CII and the Indian Embassy in Mexico, the event attracted over 250 business leaders and investors from diverse industries.