Commerce and Industry Minister Piyush Goyal has called on Swiss companies to invest in India, citing the vast potential in various sectors. This announcement came during his official visit to Switzerland, where he was invited by his Swiss counterpart, Federal Councillor Guy Parmelin.
Discussions with Industry Leaders
On July 15, Piyush Goyal had engaging discussions with prominent Swiss and Indian industry leaders over a breakfast meeting. The meeting, organized by the commerce ministry, aimed to strengthen economic ties between the two nations. Goyal encouraged Swiss companies to become part of India’s growth story by investing in its dynamic and expanding market.
Networking Opportunities
A 12-member Indian business delegation accompanied Goyal, providing valuable networking opportunities with Swiss entrepreneurs. This interaction aimed to foster collaboration and explore new business ventures between Indian and Swiss companies.
India-EFTA Agreement
A key objective of Goyal’s visit was to discuss the next steps for implementing the India-EFTA Trade and Economic Partnership Agreement (TEPA). Signed on March 10, this historic agreement aims to enhance trade and economic relations between India and the European Free Trade Association (EFTA) member states, including Switzerland.
Trade and Investment
Switzerland ranks as India’s 20th largest trading partner globally, with bilateral trade amounting to USD 21 billion in 2023. Additionally, Switzerland is the 12th largest investor in India, with cumulative Foreign Direct Investment (FDI) of about USD 10 billion from April 2000 to March 2024. Over 330 Swiss companies operate in India, collectively creating more than 166,000 jobs. Many of these companies have established manufacturing facilities and R&D centers in the country.
Piyush Goyal’s visit to Switzerland and his call for Swiss investment in India highlights the strong trade and investment ties between the two nations. With the India-EFTA TEPA set to further enhance economic relations, Swiss companies have significant opportunities to contribute to and benefit from India’s growth and dynamic market. This partnership is poised to create new avenues for innovation, development, and mutual prosperity.
