Sitharaman, JBIC chief discuss clean energy, critical minerals and supply chains

New Delhi: Finance Minister Nirmala Sitharaman on Friday met Japan Bank for International Cooperation (JBIC) Governor Kazuhiko Amakawa and discussed expanding cooperation on clean energy, critical minerals, electric mobility and resilient supply chains.

"Discussions focused on expanding cooperation in clean energy, energy transition, advanced manufacturing, semiconductors, critical minerals, electric mobility and resilient supply chains, including through the $600 million India-Japan Fund and Japanese participation in the National Investment and Infrastructure Fund (@NIIFIndia)," the finance ministry said in a post on X.

Amakawa, during the meeting with the Finance Minister on the sidelines of the World Bank-IMF Annual Meetings, highlighted the success of the India-Japan Fund, which has invested in various sectors such as electric mobility and bioethanol, and expressed hope for a follow-on fund.


He noted JBIC's stake in the National Industrial Corridor Development Corporation (NICDC) and growing Japanese interest in semiconductors, including opportunities at Dholera, and in AI and data centres.

Sitharaman encouraged Japanese investors to explore opportunities in the data centre sector in Tier 2 and Tier 3 cities, including Visakhapatnam, to promote balanced urban development.

Both sides recognised the potential to further strengthen India-Japan economic and financial ties and learn from each other's experiences.

Besides, Sitharaman also met her Bhutanese counterpart Lyonpo Lekey Dorji and discussed ways to further strengthen bilateral economic cooperation, including engagement with GIFT City, energy collaboration, trade, connectivity and financial integration.

She reiterated India's continued commitment to supporting Bhutan's developmental priorities and welcomed progress in bilateral cooperation.

Discussions also focused on exploring INR currency payments and settlements and exchanged views on advancing energy cooperation and enhancing bilateral trade facilitation, the finance ministry said in another post on X.

Both the ministers reaffirmed their commitment to advancing the long-standing partnership through closer economic engagement, improved connectivity and mutually beneficial development initiatives.