New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday met Japan Bank for International Cooperation (JBIC)`s Governor Hayashi Nobumitsu on the sidelines of the 56th Asian Development Bank (ADB)`s annual meeting, in Incheon, a city in South Korea. According to the finance ministry`s tweet, the finance minister encouraged the engagement of JBIC with Indian financial institutions such as Exim Bank, National Investment and Infrastructure Fund (NIIF) and lending banks to leverage the strength and complementarities of both countries for facing local, regional and global financial challenges.

The finance minister during the meeting spoke of the Indian government`s initiatives towards facilitating investment, like the production-linked incentives (PLIs) scheme, National Infrastructure Pipeline (NIP), reforms in goods and services tax (GST) and Insolvency and Bankruptcy Code (IBC), among others. She also expressed hope that JBIC will use this enabling environment as an opportunity to expand marine products and seaweed processing in India, according to a tweet from the finance ministry.

During the discussions, Hayashi informed FM Sitharaman that JBIC has already made an investment of USD 5 billion in infrastructure and manufacturing sectors in India and stated that JBIC is also looking at opportunities in the marine food processing sector in India.Nirmala Sitharaman arrived here in South Korea on Tuesday for a four-day official visit. On her arrival at the Incheon airport, Sitharaman was received by the Ambassador of India to the Republic of Korea, Amit Kumar.

FM Sitharaman, along with an Indian delegation, is attending the 56th Annual General Meeting of the Board of Governors of the Asian Development Bank (ADB) along with investor/ bilateral and other associated meetings, in Incheon, a city in South Korea from May 2-5, the Ministry of Finance said in an official release.Official ADB member delegations, observers, non-governmental and civil society organisations, journalists, financial institutions, banks, and other private sector enterprises will also be present at the meetings.

Moreover, during the visit, “Sitharaman will participate in annual meeting focal events like the Governors` Business. She will also be a panellist in the ADB Governors` Seminar on Policies to Support Asia`s Rebound”, the official release said.