Sitharaman meets Saudi, Swiss, Nepal and Jordan ministers in Qatar

Nirmala Sitharaman held bilateral meetings with ministers from Saudi Arabia, Switzerland, Nepal and Jordan in Qatar. The talks centred on investment, financial cooperation and support for Nepal's flood recovery.

In Short

• Saudi Arabia pushed early rollout of the bilateral investment treaty
• Switzerland was invited to explore NIIF funds and GIFT IFSC opportunities
• Swiss officials sought progress on investment protection and sustainable finance cooperation

Finance Minister Nirmala Sitharaman held bilateral meetings with ministers from Saudi Arabia, Switzerland, Jordan and Nepal on the sidelines of the AIIB annual meeting during the first day of her two-day visit to Qatar.

The discussions focused on investment, trade, financial cooperation and support for Nepal’s post-flood reconstruction and recovery, while also covering specific initiatives such as the India-Saudi Arabia Bilateral Investment Treaty and the UPI-NPI linkage with Nepal.

In her meeting with Saudi Finance Minister Mohammed Al-Jadaan, he said Saudi Arabia was looking forward to the early implementation of the bilateral investment treaty. According to the finance ministry, "Both ministers welcomed the successful conclusion of negotiations on the India-Saudi Arabia Bilateral Investment Treaty (BIT), which will provide a stronger and more predictable framework for bilateral investments and further strengthen investor confidence." The ministry added that Sitharaman said Saudi Arabia is India’s trusted and valued strategic partner, and highlighted cooperation in defence, security, trade, investment, energy, technology, healthcare, education, culture and people-to-people exchanges. The two ministers also discussed ways to further strengthen the strategic partnership, while the Saudi minister expressed keen interest in welcoming investments from India.

Sitharaman also met Switzerland’s AIIB Governor, Ambassador Pietro Lazzeri, and highlighted the National Investment and Infrastructure Fund as a trusted partner for foreign investors looking at opportunities in India. She invited Swiss investors to explore NIIF infrastructure funds for exposure to India’s infrastructure sector. Lazzeri said Switzerland sees significant opportunities in India for portfolio diversification and investment. He also referred to the upcoming state visit to India and the second EFTA Prosperity Summit in New Delhi, and said Swiss foreign direct investment growth in India is outpacing global FDI. He sought support for finalising the Bilateral Investment Protection Agreement and expressed interest in cooperation in the financial sector and sustainable finance. Sitharaman, in turn, encouraged Swiss investors and financial services firms to explore opportunities in GIFT IFSC, India’s financial services centre, which offers financial products and services, tax benefits and a business-friendly environment.

During her meeting with Nepal Finance Minister Swarnim Wagle, Sitharaman discussed Nepal’s assessment and priorities for reconstruction and recovery after the floods. The talks stressed continued engagement between the two sides to work out the specifics of any support that India can provide at this critical time. The ministers also discussed the early operationalisation and use of the UPI-NPI linkage as an initiative beneficial to both countries.

Sitharaman’s meeting with Jordan’s Minister of Planning and International Cooperation, Zeina Zeid Toukan, focused on strengthening bilateral cooperation. She noted that India is Jordan’s fourth largest trading partner and highlighted the target of raising bilateral trade to USD 5 billion by 2030.

The meetings on the sidelines of the AIIB annual gathering covered a broad set of bilateral issues, with investment and financial ties featuring prominently alongside regional cooperation and support for Nepal’s recovery efforts.

With PTI Inputs

- Ends