Finance Minister Shri Arun Jaitley to leave early morning for a day’s official visit to Frankfurt to participate in Annual Meeting of Board of Governors’ of Asian Development Bank (ADB)

The Union Finance Minister Shri Arun Jaitley will leave early morning  for Frankfurt, Germany in order to participate in the 49th Annual Meeting of the Board of Governors’ of Asian Development Bank (ADB). The Finance Minister Shri Jaitley will arrive early morning at Frankfurt on a day’s visit. Soon after his arrival in Frankfurt, the Finance Minister Shri Jaitley will attend the First Business Session of the ADB. In his Speech at the Session, the Finance Minister would focus on the performance of Indian Economy in the period of global slowdown. He would highlight the micro and macroeconomic indicators of the economy. Cooperation with ADB in development will also be on his agenda.

Later, the Finance Minister Shri Jaitley will be meeting Mr. Hans-Joachim Fuchtel, Parliamentary State Secretary to German Federal Ministry for Economic Cooperation and Development. During the bilateral meeting, the issues of mutual interest of India and Germany in ADB are likely to be discussed. Thereafter, Shri Jaitley will meet Mr. Lyonpo Namgay Dorji, Finance Minister of Bhutan and discuss about economic assistance packages from India to Bhutan, progress of work of hydropower projects funded by India and Sub-Regional Cooperation in the region.

Before taking part in the CNBC debate as panelist, the Finance Minister Shri Jaitley will attend other Round Table Meetings and Bi-lateral Meetings including meeting with Mr.Takeshi Kunibe, President and CEO, Sumitomo Mitsui Banking Corporation. “Asian Economic Outlook-2016” is the theme of this year’s CNBC debate being held in the evening . In the debate, the Finance Minister Mr. Jaitley will be joined by Indonesia Finance Minister Bambang P.S. Brodjonegoro, Pakistan Finance Minister Mr Mohammad Ishaq Dar, Regional Head for Greater China and ASEAN, Commerzbank AG Ms. Agnes Vargas and ADB President Mr Takehiko Nakao.

The 49th Annual General Meeting of Asian Development Bank is being held from 2-5 May, 2016 at Frankfurt, Germany. This Annual meeting has gained significance as Asian Development is playing a significant role in the development of Asia-Pacific region which remains a ‘growth engine’ for the world. Though Asian Development Outlook 2016 predicts softening in the region’s growth rates from 5.9% projected last year to 5.7% each in 2016 and 2017, India continues to maintain high growth rate with rising real incomes and domestic demand and is projected to grow at 7.6% in 2015-16 as compared to 7.2% in the previous year despite decline in exports and two consecutive years of unfavourable monsoons. In the statements released from Frankfurt, ADB President Mr Takehiko Nakao has also expressed confidence in growth story of India.

India is going to play a major role in the development of the region. In this context, role of India gets significant importance in the AGM where the Finance Minister Shri Jaitley will be representing India along with Mr. Shaktikanta Das, Secretary. Department of Economic Affairs, Ministry of Finance.

After participating in the day long events, the Finance Minister Shri Jaitley will start for return journey back home late in the evening and will return to national Capital on 5th May, 2016 after completing his one day official visit to Frankfurt.