Nirmala Sitharaman Urges Mexican Firms To Tie Up With Indian Startups

SUMMARY

Finance minister Nirmala Sitharaman has urged Mexican firms to collaborate with Indian startups and academic institutions to take advantage of India's business-friendly policies

She also underlined the importance of a partnership between India and Mexico that could lead to innovative solutions and shared benefits

The minister also said that Mexico has been thriving via nearshoring, which has resulted in tie ups between multinational companies

Finance minister Nirmala Sitharaman has urged Mexican firms to collaborate with Indian startups and academic institutions to take advantage of India’s business-friendly policies.

In her address to Tech Leaders Roundtable at the Chamber of Commerce in Guadalajara, she also underlined the importance of a partnership between India and Mexico that could lead to innovative solutions and shared benefits.

The minister also said that Mexico has been thriving via nearshoring, which has resulted in tie ups between multinational companies and enabled exchange of talent as well as joint efforts for risk mitigation

Sitharaman in her post on X, wrote, “The Union Finance Minister highlighted that rapid transformation that has been taking place in India while working towards the goal of #ViksitBharat in 2047.”

Sitharaman is on an official visit to Mexico till October 20, where she will meet her Mexican counterpart Rogelio Ramirez de la O, and have discussions on consolidating parliamentary cooperation and fostering economic development.

Besides, the minister also reiterated on key Budget announcement made regarding the establishment of Centres of Excellence (CoE), shared information and added that India and Mexico can explore working together in these areas through collaboration between startups as well as academic institutions.

The minister also offered tribute to the late Ratan Tata during her visit to Tata Consultancy Services Headquarters (Latin America), at Guadalajara.

It is pertinent to note that Mexico serves as a gateway to North and Latin America, making it an ideal destination for Indian startups eyeing global expansion.

This comes at the heart of growing trade relationships between India and Mexico. Moreover, Indian firms like Tata Consultancy Services and Infosys have already made their significant presence in Mexico.

India maintained a positive trade balance of $280 Mn with Mexico in July.

Between July 2023 and July 2024, the exports of India have increased by $114M (25.9%) from $440Mn to $554Mn. This increase came on the back of increase in product exports in Motor Vehicle/Cars ($9.39M or 11.2%), Auto Components/Parts ($7.9M or 37.2%), and Telecom Instruments ($7.54M or 781%).