Nirmala Sitharaman holds talks with UK, Switzerland, Japan; reviews investment and fintech cooperation

Finance Minister Nirmala Sitharaman held bilateral meetings with her counterparts from the UK, Switzerland and Japan in Bangkok, discussing ways to deepen financial and economic cooperation, boost investment flows and expand collaboration in financial technology.

The meetings took place on the sidelines of the World Bank-International Monetary Fund (IMF) annual meetings, which Sitharaman is attending during her official visit to Bangkok until October 18. She is also scheduled to participate in the G20 and G7 Finance Ministers and Central Bank Governors (FMCBG) meetings.

India-UK economic and financial dialogue

During her meeting with UK Chancellor of the Exchequer John Healey, Sitharaman discussed the successful conclusion of the fourth India-UK Financial Markets Dialogue, fintech meetings and associated India-UK Financial Partnership (IUKFP) engagements, building on the outcomes of the previous Economic and Financial Dialogue (EFD).

Both sides agreed to hold the next EFD in December 2026, according to the finance ministry.

Sitharaman also reaffirmed India's commitment to working closely with the UK on shared priorities and ensuring a constructive and inclusive G20 process.

India, Switzerland discuss investment treaty

In her meeting with Swiss Federal Councillor and Head of the Federal Department of Finance Karin Keller-Sutter, Sitharaman discussed the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) and the early conclusion of a mutually beneficial India-Switzerland Bilateral Investment Treaty (BIT).

The finance minister highlighted India's macroeconomic fundamentals, including fiscal discipline, robust domestic demand and infrastructure modernisation, as factors offering significant opportunities for Swiss investors.

The two sides also explored investment opportunities through the National Investment and Infrastructure Fund (NIIF) and GIFT City.

Cooperation in cross-border digital payments, fintech, regulatory innovation and the use of artificial intelligence (AI) in financial services also featured in the discussions.

Japan commits to facilitating JPY 10 trillion in private investment

During her meeting with Japanese Finance Minister Satsuki Katayama, Sitharaman reviewed the India-Japan Strategic Global Partnership and welcomed Japan's commitment to facilitate JPY 10 trillion in private investment into India.

She also handed over a written invitation for a visit by the Japanese side to India in 2027 to mark the 75th anniversary of diplomatic relations through high-level engagements.

Sitharaman highlighted that a significant portion of the India-Japan Fund's corpus had been deployed in clean energy, electric mobility, critical minerals and resilient supply chains. She also welcomed the Development Bank of Japan's commitment to NIIF's private market fund and noted the potential for further co-investment in manufacturing and infrastructure, the finance ministry said.

The finance minister invited Japanese institutions to participate in India's expanding long-term savings pool, including through green infrastructure and environmental, social and governance (ESG)-linked pension products. She also sought Japanese expertise in pension sustainability, annuity design and long-term care financing to support India's emerging silver economy.

UPI, fintech and GIFT City feature in discussions

The two finance ministers discussed cooperation between the Reserve Bank of India (RBI) and the Bank of Japan, including a formal fintech cooperation framework, central bank digital currency use cases and the sharing of India's Unified Payments Interface (UPI) experience as Japan modernises its Zengin payment system in 2027.

Cybersecurity cooperation and the role of AI in financial services were also discussed.

Sitharaman invited Japanese banks, insurers, reinsurers, asset managers and universities to establish operations at GIFT City's International Financial Services Centre (GIFT IFSC).

Both sides acknowledged the potential to deepen economic and financial cooperation between India and Japan, the finance ministry said.