The Ministry of Finance (MoF) recently participated in the first Infrastructure Working Group (IWG) meeting for the year 2023, which was held under India’s presidency of the G20 on 16 and 17 January 2023 in Pune, in the state of Maharashtra, India.
As per industry sources, the meeting was in line with the IWG work plan for 2023 considering the priorities of the Indian presidency for the G20.
MoF’s delegation to the meeting included Amna Alshamsi, Head of the Policies, Regulations, and Procedures Department at MoF; and Asma Al Zarooni, Head of the Exchange of Tax Information Section at MoF. The G20 members, invited countries, and international organizations such as the International Finance Corporation (IFC) also attended the meeting.
During the meeting, the core discussion of members was on the way forward for the working group for 2023 and shared their views on the IWG’s plan to build on the work initiated from the previous presidencies. They also discussed the importance of building future-ready urban infrastructure, leveraging synergies between digital and physical infrastructure, and leveraging private investment to build energy-efficient and environmentally sustainable infrastructure. This is in addition to means of ensuring inclusivity and resilience, which remain key considerations to building future cities.
Industry sources also added further that during the meeting, MoF’s delegation supported IWG’s approach towards assessing the requirements of urban infrastructure and reviewing the prerequisites of future cities. The delegation also stressed on the need to consider the enabling role of inclusive infrastructure in promoting economic growth, especially at a time where economic challenges are escalating at a global scale. Additionally, the delegation emphasised the need to explore how can legislative reform improve investment attraction for smart and sustainable cities, while showcasing the UAE’s achievements in this field.
IWG members will review and discuss the progress on the 2023 deliverables at the working group’s next meeting, the date of which will be confirmed later by India’s presidency of the G20.
Also read the articles on: MoF holds ‘Corporate Tax Public Awareness Programme’ in Dubai
Abu Dhabi to establish FinTech Hub with a green nod from MOF
