Finance Minister Nirmala Sitharaman on 29 September described Saudi Arabia as India's 'trusted and valued strategic partner' during a bilateral meeting held on the sidelines of the AIIB 2026 Annual Meeting in Doha, underscoring the breadth of ties spanning defence, security, trade, investment, energy, technology, healthcare, education, and people-to-people exchanges.

India-Saudi Bilateral Investment Treaty Concluded

Sitharaman met Mohammed Aljadaan, Minister of Finance of the Kingdom of Saudi Arabia, who congratulated her on India's robust economic performance and improving investment climate. The two ministers welcomed the successful conclusion of negotiations on the India-Saudi Arabia Bilateral Investment Treaty (BIT), which is designed to provide a stronger and more predictable framework for bilateral investments and further strengthen investor confidence, according to the Finance Ministry.

Aljadaan said that Saudi Arabia looks forward to the treaty's early implementation and expressed keen interest in welcoming investments from India. Both ministers also discussed further strengthening the strategic partnership, recalling Prime Minister Narendra Modi's vision articulated during his state visit to Saudi Arabia.

Switzerland Flags FDI Growth and Investment Opportunities

On the sidelines of the same meeting, Sitharaman met Ambassador Pietro Lazzeri, AIIB Governor from Switzerland. She highlighted the National Investment and Infrastructure Fund (NIIF) as a trusted partner for foreign investors seeking access to India's infrastructure sector, citing its high standards of governance and transparency.

Ambassador Lazzeri noted that Swiss Foreign Direct Investment (FDI) growth in India is outpacing global FDI trends and sought support for the finalisation of the Bilateral Investment Protection Agreement between the two countries. He also mentioned an upcoming State Visit to India and the 2nd EFTA Prosperity Summit in New Delhi, and expressed interest in cooperation in financial services and sustainable finance.

Sitharaman, in turn, encouraged Swiss investors and financial services entities to explore opportunities at India's GIFT IFSC, which offers a range of financial products, tax benefits, and a business-friendly regulatory environment.

Nepal Flood Recovery and UPI-NPI Linkage on Agenda

Sitharaman also held talks with Nepal Finance Minister Swarnim Wagle, with both sides noting the occasion to follow up on discussions from an earlier meeting in New Delhi. The agenda covered Nepal's reconstruction and recovery priorities following recent floods, with emphasis on continued engagement between the two governments to work out the specifics of any support India can provide.

The ministers reviewed the progress of projects agreed upon at their New Delhi meeting and discussed the early operationalisation of the UPI-NPI linkage — a digital payments integration initiative considered mutually beneficial for both countries, according to the Finance Ministry statement.

Significance of the Doha Engagements

The flurry of bilateral meetings on the sidelines of the AIIB Annual Meeting reflects India's active diplomatic outreach on economic and investment matters. This comes amid a broader push by New Delhi to deepen investment treaties and financial linkages with key partners across the Gulf, Europe, and South Asia. Notably, the India-Saudi BIT conclusion and the Swiss FDI momentum signal growing confidence in India's investment climate at a time when global capital flows are increasingly selective.

All three meetings — with Saudi Arabia, Switzerland, and Nepal — point to India using multilateral forums not merely for their primary agenda but as a platform for targeted bilateral progress on trade, investment, and development finance.