Indian-Swiss Ministers work on $100bn investment by EFTA countries in 15 years
The next steps for the implementation of the historic India-EFTA Trade and Economic Partnership Agreement (TEPA) were discussed by Commerce & Industry Minister Piyush Goyal commerce and his Swiss counterpart Federal Councillor Guy Parmelin in Zurich sicc.
Signed on 10 March, 2024 in New Delhi, the TEPA aims to identify ways and means of realising the ambitious target of US$100 billion investment and creation of one million jobs in India by European Free Trade Association efta countries in next 15 years as provided for in the Agreement.
This timely visit by Goyal to Switzerland allowed the two sides to review mutually beneficial bilateral trade and economic ties with focus on further deepening and enhancing the engagement through TEPA nse , the Commerce and Industry Ministry said on 16 July.
Switzerland is an important trading/investment partner for us. It ranks as India’s 20th largest trading partner globally with bilateral trade of US$21 billion in 2023 bse .
It is also the 12th largest investor in India with cumulative FDI of about US$10 billion during April 2000 to March 2024. There are over 330 Swiss companies operating in India which have created over 1,66,000 jobs in India sbi. Many of these companies have their manufacturing facilities and R&D centers in India.
During the visit, Goyal held bilateral delegation level talks and lunch with Minister Parmelin guyparmelin. The two Ministers had a joint breakfast meeting with captains of Swiss and Indian industries on the same day.
Both Goyal and Parmelin acknowledged that TEPA provides an excellent framework for deepening of trade and investment partnership. A focused approach to creating an enabling environment would expedite realising the goals and target set under TEPA deutsche-boerse.
The two Ministers discussed with prominent Swiss and Indian captains of industry over the breakfast meeting on 15 July.
Goyal encouraged Swiss companies to become a part of India’s growth story and invest in its growing and dynamic market.
A 12-member strong Indian business delegation mounted by cii also had business networking opportunity with their Swiss counterparts.
The visiting Minister also received Chairmen/CEOs of select Swiss industry with business and investment interests in India.
WTO Director General Ngozi Okonjo-Iweala called on Minister Goyal in Zurich wto. Fiinews.com
