Digital Payments
Sitharaman, Uzbek deputy PM mull fintech products, GIFT City investment
This story was originally published at 20:45 IST on 25 September 2024
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NEW DELHI – Finance Minister Nirmala Sitharaman, in a meeting with Uzbekistan Deputy Prime Minister Jamshid Khodjaev, discussed the possibility of financial technology firms of the two countries collaborating to develop innovative products for digital payments. Khodjaev is also Uzbekistan's minister of investment and foreign trade.
India's government has been trying to extend digital payments beyond its borders. The Unified Payment Interface is currently operational in seven countries apart from India--the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius--allowing consumers and businesses to make and receive payments internationally.
Earlier in the day, in a meeting with Qatar's Finance Minister Ali bin Ahmed Al Kuwari, Sitharaman spoke about a collaboration to facilitate cross-border payments and digital transactions.
Besides digital payments, Sitharaman and Khodjaev discussed investment opportunities in India's International Financial Services Centre in Gujarat International Finance Tec-City, the finance ministry said in a post on microblogging site X. GIFT City is a special economic zone set up by the government to boost foreign investment in Indian assets. The government allows tax concessions on investments in assets traded there.
The two ministers also discussed strategic partnerships in information technology, education, digital connectivity, renewable energy, civil applications of nuclear energy, and healthcare and pharmaceuticals. "Khodjaev assured long-term cooperation with India in various sectors to enhance trade and business opportunities," the ministry said.
In the financial year 2023-24 (Apr-Mar), India's total trade with Uzbekistan was to the tune of $471 mln. It was $332 mln in 2022-23.
Sitharaman is in Uzbekistan to attend a meeting of the board of governors of the Asian Infrastructure Investment Bank on Wed-Thu. India is the second-largest shareholder of the multilateral development bank. During her stay in the Central Asian country till Saturday, Sitharaman will also sign a long-term bilateral investment treaty with Uzbekistan to promote extensive economic cooperation between the countries. End
US$1 = 83.59 rupees
Reported by Priyasmita Dutta
Edited by Rajeev Pai
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