Aug 31: Union Finance and Corporate Affairs Minister Nirmala Sitharaman held discussions with 3M Chairman and CEO William Brown on Monday on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville, with a focus on expanding the company’s engagement with India.
The discussions highlighted India’s changing role in the global economy, with the country increasingly emerging not only as a major consumer market but also as a base for advanced manufacturing, technology and innovation.
Pic Credit: https://x.com/FinMinIndia
Sitharaman encouraged 3M to explore greater opportunities in India, particularly in research and development, advanced manufacturing and strengthening domestic supply chains. She also highlighted the potential to leverage India’s skilled workforce and manufacturing capabilities to support both the domestic market and international operations.
Data security and the effective utilisation of India’s large talent pool in domestic enterprises were also part of the discussions.
Brown acknowledged India’s strong pool of skilled professionals and said the country offers significant opportunities for technology development as well as expansion in local markets. He also appreciated the support provided by the Government of India and recognised the impact of the country’s ongoing economic reforms.
The Finance Minister said 3M’s global capabilities, combined with India’s growing manufacturing and technology ecosystem, provide considerable scope for deeper localisation and expansion of R&D activities.
She emphasised that greater integration of Indian talent and manufacturing capabilities could help create regional innovation and production networks serving India as well as wider global and Asia-Pacific supply chains.
Sitharaman also acknowledged 3M’s continued confidence in India and called for stronger investment in R&D, advanced manufacturing and local supply-chain development.
The meeting was part of the Finance Minister’s engagements during the G20 FMCBG meeting, where discussions are centred on global economic priorities, investment and opportunities for strengthening international business cooperation.a