Finance Minister Nirmala Sitharaman has called for deeper economic and financial cooperation between India and the European Union as well as South Korea, with a focus on critical minerals, resilient supply chains, investment and emerging technologies.
Sitharaman held separate bilateral meetings with European Commissioner for Economy and Financial Affairs Valdis Dombrovskis and South Korean Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol on the sidelines of the G20 Finance Ministers and Central Bank Governors’ meeting in Asheville, North Carolina.
The discussions reflected India’s growing push to strengthen partnerships with major economies in sectors considered crucial for future economic growth and strategic security.
India-EU Talks Focus on Critical Minerals and Supply Chains
During her meeting with the European Commissioner, Sitharaman discussed ways to deepen economic cooperation between India and the European Union.
The two sides exchanged views on strengthening resilient and diversified supply chains, including cooperation in critical raw materials and advanced technologies. Sitharaman stressed that cooperation should go beyond simply sourcing critical minerals and should also focus on developing processing and value-addition capabilities.
Critical minerals are increasingly important for industries such as clean energy, electric mobility, electronics, advanced manufacturing and digital technologies. Strengthening access to these resources and building domestic processing capacity has therefore emerged as an important strategic priority for India.
Focus on FinTech, AI and Start-Up Cooperation
The India-EU discussions also explored opportunities for greater collaboration in financial technology, artificial intelligence and other emerging sectors.
Sitharaman and Dombrovskis discussed strengthening engagement between Indian and European start-ups, with technology and innovation expected to play an increasingly important role in future economic cooperation.
FinTech, AI and generative AI were among the areas identified for deeper engagement, reflecting efforts by both sides to expand their partnership beyond conventional trade and investment.
The discussions come as India and the EU seek to build stronger economic links and develop cooperation in sectors that are expected to shape future global growth and competitiveness.
Sitharaman Seeks Deeper India-South Korea Partnership
In her separate meeting with South Korean Deputy Prime Minister Koo Yun-cheol, Sitharaman emphasised the importance of further strengthening economic and financial cooperation between India and South Korea.
The Finance Minister said India looked forward to expanding cooperation with South Korea in emerging and strategic sectors, including critical minerals and resilient supply chains.
The two countries also discussed ways to promote greater investment flows. Sitharaman welcomed increased South Korean investment in emerging sectors in India and encouraged Indian companies to explore investment opportunities in South Korea to promote mutually beneficial economic engagement.
Investment and Financial Cooperation Under Discussion
Financial cooperation was another major focus of Sitharaman’s meeting with the South Korean delegation.
The Finance Minister suggested strengthening investment cooperation through the National Investment and Infrastructure Fund (NIIF) and advancing a proposed concessional credit line under South Korea’s Economic Development Cooperation Fund framework.
Such cooperation could support infrastructure development and green-transition investments in India, while also strengthening broader financial ties between the two countries.
The discussions underline India’s efforts to mobilise international investment for infrastructure and emerging sectors while expanding partnerships that can support long-term economic development.
Critical Minerals Become Strategic Priority
India’s discussions with the EU and South Korea come amid growing global competition to secure reliable supplies of critical minerals.
Countries are increasingly seeking to reduce supply-chain vulnerabilities and diversify access to minerals needed for clean energy technologies, batteries, electronics and advanced manufacturing.
India has been expanding international engagement to strengthen its capabilities in mining, processing and value addition. The emphasis on partnerships with the EU and South Korea reflects the importance of cooperation with technologically advanced economies that can contribute to building more resilient supply chains.
G20 Meetings Provide Platform for Bilateral Engagement
Sitharaman’s meetings formed part of a series of bilateral engagements held alongside the G20 Finance Ministers and Central Bank Governors’ gathering.
The meetings allowed India to engage with global economic partners on issues ranging from investment and financial cooperation to technology, supply chains and strategic resources.
With global economic uncertainty and supply-chain disruptions continuing to influence policymaking, India is seeking to deepen partnerships that can support economic resilience and access to critical resources.
India Looks to Expand Strategic Economic Partnerships
The Finance Minister’s engagements with the EU and South Korea signal India’s intention to build stronger economic relationships in areas that extend beyond traditional trade.
Critical minerals, financial cooperation, investment, technology and resilient supply chains are expected to remain central to India’s engagement with major global partners.
As demand for strategic resources and advanced technologies grows, India’s focus is increasingly shifting towards partnerships that support both immediate economic opportunities and long-term strategic security.
Sitharaman’s discussions with European and South Korean leaders therefore underline a broader effort to position India as a key partner in building diversified supply chains, strengthening financial cooperation and developing the technologies needed for the next phase of global economic growth.