The United States (US) is collaborating with India on an investment platform to bring reduced cost of financing and higher private investment in order to accelerate its energy transformation, according to US Treasury Secretary Janet Yellen on Monday.
Addressing a press conference in Gandhinagar, Gujarat along with Finance Minister Nirmala Sitharaman today, Yellen said that the collaboration between the two nations spans a wide range of issues, including catalyzing the clean energy transition. Yellen said, “Our collaboration spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition.”
“In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed up India’s energy transition.”
The US Treasury Secretary further added that she also values India’s emphasis on completing the landmark Two-Pillar global tax agreement in the inclusive framework.
“I also appreciate India’s focus on finalizing the historic Two-Pillar global tax deal in the Inclusive Framework, and I believe that we are close to reaching an agreement. We had a productive meeting in New Delhi last fall as part of the US-India Economic and Financial Partnership, or EFP, and I look forward to convening the 10th EFP meeting,” the US Treasury Secretary added.
Yellen and Sitharaman met in Gandhinagar on the sidelines of the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency.
The leaders talked about problems like strengthening multilateral development banks and capitalizing on the opportunities given by crypto assets.
Sitharaman noted that Prime Minister Narendra Modi’s recent state visit to the United States, as well as his meeting with US President Donald Trump, boosted the strength and dynamism of the US-India cooperation.