Finance Minister Nirmala Sitharaman on Thursday urged Mexican firms to explore collaborations with startups as well as academic institutions and take advantage of India's business-friendly policies.

       In her address at Tech Leaders Roundtable at the Chamber of Commerce, Guadalajara, Sitharaman emphasised on opportunities and responsibilities for similar placed economies and how India and Mexico can leverage and collaborate with each other.

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       Mexico has been thriving through nearshoring, which has resulted in collaborations between multinational companies and enabled exchange of talent as well as joint efforts for risk mitigation, she said.

       "The Union Finance Minister highlighted that rapid transformation that has been taking place in India while working towards the goal of #ViksitBharat in 2047," the finance ministry said in a post on X.

       Citing new areas of development and collaboration between India and Mexico, she referred to the key Budget announcement made regarding setting up of Centres of Excellence (CoE) and shared information regarding the recently identified and announced COEs in India for working in the areas of AI in health and healthcare, agriculture, and sustainable cities.

       India and Mexico can explore working together in these areas through collaboration between startups as well as academic institutions, she said.

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       "Union Finance Minister Smt. @nsitharaman said that for large economies, the challenges are not just around growth but also to bridge gap and create opportunities for all, and that there is a need for #ResponsibleCapitalism," it said.

       During her visit to Tata Consultancy Services Headquarters (Latin America), at Guadalajara, the finance minister paid tribute to the iconic industrialist Ratan Tata.

       On October 9, Ratan Tata, Tata Group's chairman emeritus and veteran industrialist, passed away at the age of 86 years.

       During her official visit till October 20, Sitharaman will hold a bilateral meeting with her Mexican counterpart Rogelio Ramirez de la O, and have discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.

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