On Wednesday, India Finance Minister Nirmala Sitharaman met with Uzbekistan President Shavkat Mirziyoyev to discuss avenues for enhancing bilateral relations, with a particular focus on fintech, renewable energy, and climate initiatives. The discussions took place during the 9th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Samarkand.
The dialogue between the two leaders highlighted the growing partnership between India and Uzbekistan, with both sides expressing a desire to explore new areas of collaboration. Sitharaman suggested to President Mirziyoyev that the flourishing tourism between India and Uzbekistan provides a solid foundation for further cooperation, especially in the domains of financial technology and digital payments.
She emphasized that the development of a cross-border real-time payment system could prove to be a significant benefit for tourists, students, and businesses operating between the two nations. The introduction of such a system would not only streamline financial transactions but also strengthen the economic ties between India and Uzbekistan by providing seamless financial interactions for those who frequently travel between the countries.
The Finance Minister pointed out that bilateral discussions focusing on these emerging sectors, particularly fintech, would lead to meaningful benefits for both sides. She explained that enhancing the financial ecosystem between the two countries could make economic exchanges more efficient and open doors for businesses to expand into new markets.
The cross-border payment system, in particular, would allow faster, more secure transactions, which would be advantageous for both nations’ economies. President Mirziyoyev, in turn, acknowledged India’s forward-looking proposals. He welcomed the opportunity to collaborate on digital technologies and renewable energy, recognizing the potential for both countries to work together in areas beyond their traditional partnerships.
The President also expressed appreciation for India’s initiatives to engage Uzbekistan in emerging sectors, signaling that these proposals align well with Uzbekistan’s ongoing efforts to modernize its economy and infrastructure. In addition to discussions on fintech and digital cooperation, Sitharaman commended Uzbekistan’s commitment to sustainable development and encouraged exploring joint efforts in green technologies and climate action.
As climate change continues to pose a significant global challenge, Sitharaman noted that both nations could collaborate on initiatives that support sustainable growth and the transition to cleaner energy sources. Green technologies, in particular, present a promising area for mutual collaboration, allowing both countries to work towards achieving their climate goals while fostering economic development.
The finance ministry, in a social media post on X, emphasized the productive nature of the meeting, stating that the two leaders recognized the potential for strengthening bilateral cooperation in both established and emerging areas. By expanding into digital technologies, renewable energy, and green initiatives, India and Uzbekistan have the opportunity to deepen their relationship and create mutually beneficial outcomes across various sectors.
