NEW DELHI: Several Swiss companies are keen on forming joint ventures with Indian firms, scaling up their India operations and localising production to serve the global market, as the free trade agreement between India and the four-member European Free Trade Association (EFTA) is expected to be implemented by September.
Commerce and industry minister Piyush Goyal, who is on a five-day visit to Switzerland and Sweden, met representatives of several industry groups in Swiss capital Bern and were apprised of their willingness to expand their India presence. Switzerland and Sweden are part of EFTA, besides Liechtenstein and Iceland.
The increased investment interest stems from a clause in the FTA — formally called Trade and Economic Partnership Agreement (TEPA) – which states that companies from the four-member bloc will invest $100 billion in India over 15 years. In return, India has offered greater access to its markets to companies from EFTA countries. TEPA was signed in March 2024 and is now undergoing the process of ratification. Switzerland is the biggest trading partner of India in EFTA.
Goyal chaired two round-table talks with Swiss industry leaders from sectors such as biotech and pharma, healthcare, precision engineering, defence, and emerging technologies. He later co-chaired, along with Swiss federal councillor Guy Parmelin, a business round table with representatives from machinery, electrical and metal industry sectors. Both leaders also held a bilateral meeting.
“From cutting-edge cancer therapies and cell sciences to industrial automation, fibre optics, space technologies, and digital security, Swiss companies underscored their alignment with India’s developmental priorities and sectoral growth plans. The sentiment was one of strategic alignment and long-term commitment,” according to a commerce and industry ministry statement.
Many participants described India as a natural partner and conveyed readiness to invest in its next phase of growth – not only to tap into domestic demand but to position India as a hub in their global value chains.
Discussions also focused on enhancing synergies between Indian and Swiss enterprises, with a special emphasis on innovation, technology transfer, and sustainable manufacturing. The minister encouraged Swiss businesses to explore India not just as a market, but as a strategic hub for manufacturing, talent, and innovation.
He also reiterated India’s willingness to work towards regulatory harmonisation and mutual recognition agreements, highlighting India’s proactive stance on building reciprocal bridges to encourage Swiss and Indian investments.
In the Sweden leg of his visit, Goyal will meet political and industry leaders to review the current economic cooperation and identify new areas of collaboration. Goyal will conclude the two-nation visit on Friday.
Source: The Financial Express
