Saturday, November 9, 2024
spot_img

Piyush Goyal Invites Swiss Companies to Invest in India

Share post:

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.

Commerce and Industry Minister Piyush Goyal addressing the discussion.

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.

Related articles

Emami Profit Rises 19% Despite Consumer Spending Decline in Q2FY25

Emami Limited has reported a 19% increase in its profit after tax (PAT), reaching Rs 213 crore in...

How Are Women Entrepreneurs Accessing Rs 850 Crore?

Goldman Sachs recently announced that at least 200 women entrepreneurs in India are set to raise approximately Rs...

Automation Anywhere Partners with PwC India for GenAI

Automation Anywhere, a leader in AI-powered process automation, has announced a strategic alliance with PwC India. This collaboration...

Astrology Startup AstroTalk Sees 1000% Profit Surge to Rs 100 Crore in FY24

AstroTalk, a digital astrology startup based in Noida, has reported a remarkable 1,000% increase in profit for the...

Ready to Revolutionize Your Business?

Request a quote or schedule a call today!