Union Finance Minister Nirmala Sitharaman has begun her four day visit to South Korea. On Tuesday, May 2, upon her arrival to Incheon Airport, the minister received a warm welcome from the Indian ambassador to South Korea, Amit Kumar.
The finance ministry took to Twitter to make the announcement of her visit official. The visit was important to attend the Asian Development Bank’s 56th Annual General Meeting of the Board of Governors, as well as other bilateral engagements with countries and international organizations.
The minister is also expected to mingle amongst the officials from other member countries, economists, finance and business leaders at the ADB Governor’s Business event. There will also be a seminar about policies that would help Asia’s rebound from this global pandemic, in which the minister will be a part of.
One of the goals of the visit is to forward the process of FDI (foreign direct investment) inflowing in to India. Additionally, the minister is planning to spread diaspora awareness and to connect with the global business leaders.
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Nirmala Sitharaman is the Union Finance Minister of India since 2019 and has previously held important portfolios such as the Minister of Defence and the Minister of Corporate Affairs and Commerce Minister. She has been an avid promoter of GST and subsidies for start-up entrepreneurs and MSMEs, and is popular for her efforts in incorporating the new insolvency and bankruptcy code in India. She is also credited for a reduction in the tax rate of Indian Citizens and for introducing a number of other measures for improving the country’s financial footing.
