On May 2, 2023, Union Finance Minister Nirmala Sitharaman met with the President of the Asian Development Bank (ADB), Masatsugu Asakawa, on the sidelines of the ADB Annual Meetings in Incheon. The meeting provided an opportunity for both leaders to discuss the ADB’s ongoing support to India’s development efforts, as well as potential areas of collaboration in the future.
“During the meeting, Finance Minister Sitharaman expressed her appreciation for the ADB’s continued support to India in various areas such as infrastructure, energy, and social sectors. She emphasized the importance of the ADB’s support in helping India achieve its development goals and enhance the livelihoods of its citizens”.
ADB President Asakawa reaffirmed the bank’s commitment to supporting India’s development efforts and highlighted the ADB’s ongoing investments in key sectors such as transport, urban development, and agriculture. He also discussed the bank’s recent initiatives to support India’s renewable energy sector, which aligns with the government’s goal of increasing the share of renewable energy in the country’s energy mix.
Focus on Green Infrastructure and Climate Change Mitigation
Both leaders also discussed the importance of green infrastructure and climate change mitigation in India’s development agenda. They agreed that investing in sustainable infrastructure and adopting clean energy technologies is critical for addressing the challenges of climate change and achieving sustainable development.
Talks on Private Sector Participation and Infrastructure Development
Finance Minister Sitharaman and ADB President Asakawa also discussed the potential for greater private sector participation in India’s infrastructure development. They acknowledged that private sector investment is essential for filling the infrastructure funding gap and promoting inclusive growth.
”The meeting also touched upon potential collaboration between India and the ADB in responding to the COVID-19 pandemic. Both leaders recognized the need for continued support to ensure a robust and resilient recovery from the pandemic. They discussed potential areas of collaboration, including vaccine procurement and distribution, healthcare infrastructure development, and economic recovery efforts”.
Importance of Multilateral Cooperation
Finance Minister Sitharaman and ADB President Asakawa underscored the importance of multilateral cooperation in promoting sustainable development and achieving shared goals. They emphasized the need for continued collaboration between India and the ADB to address the challenges of poverty, inequality, and climate change.
