Sitharaman Holds Key Talks with Russia, S Korea Delegations at G20 Finance Meet
Sitharaman met Russian Finance Minister Anton Siluanov on the sidelines of the G20 FMCBG Meeting
Asheville [US]: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman held separate meetings with Russian and South Korean delegations on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, focusing on strengthening bilateral and multilateral economic cooperation.
The Ministry of Finance shared details of the meetings in a series of posts on X.
Sitharaman met Russian Finance Minister Anton Siluanov on the sidelines of the G20 FMCBG Meeting on Tuesday.
The two sides exchanged views on strengthening bilateral cooperation, regional and global economic developments, and issues of shared interest in multilateral forums.
They discussed cooperation in the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB), while exploring areas of mutual interest to strengthen both institutions as effective multilateral development banks.
The ministers also discussed the establishment of a Shanghai Cooperation Organisation Development Bank.
Sitharaman also met Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance of South Korea, on the sidelines of the G20 meeting.
The Ministry of Finance said Sitharaman acknowledged that India considers South Korea a very important economic partner and noted that the relationship has been mutually beneficial across several areas.
The two ministers discussed strengthening bilateral economic and financial cooperation, including taking forward the India-Korea Finance Ministers' Meeting through early working-level consultations.
Sitharaman noted that India and South Korea have enjoyed a Special Strategic Partnership since 2015. She said the relationship has been further strengthened this year through the Joint Strategic Vision for 2026-2030 announced during South Korean President Lee's State Visit to India in April 2026.
The Finance Minister said India looks forward to further strengthening cooperation with South Korea in emerging and strategic areas, including critical minerals and resilient supply chains.
She also emphasised India's commitment to fostering the partnership for the mutual benefit of people and industries in both countries.
Sitharaman welcomed greater investment from South Korea in emerging sectors and said Indian companies would further explore investment opportunities in the Republic of Korea to promote mutually beneficial investment flows.
The Union Finance Minister suggested strengthening investment cooperation through the National Investment and Infrastructure Fund (NIIF) and advancing the proposed concessional credit line under South Korea's Economic Development Cooperation Fund (EDCF) framework for infrastructure and green-transition investments in India.
The two ministers also discussed ongoing efforts to establish interoperability between India's and South Korea's QR-based payment systems. Such interoperability would facilitate easier payments and strengthen economic and people-to-people linkages between the two countries.
Koo Yun-cheol highlighted India's growth potential and the scale of its economy, saying that both countries should further deepen bilateral cooperation to enhance trade and investment.
Sitharaman also met several other key international partners on the sidelines of the G20 Finance Ministers' meeting in the US.
She met International Monetary Fund (IMF) Managing Director Kristalina Georgieva, with discussions focusing on the global economic outlook and India's evolving growth trajectory.
The Finance Minister also held high-level bilateral meetings with World Bank Group President Ajay Banga and European Commission Commissioner for Economy and Financial Affairs Valdis Dombrovskis.
