Switzerland officially completed the ratification process for the milestone business partnership between India and the European Association of Free Trade (EFTA).
The Swiss Ambassador in India, Maya Tissafi, said it is expected that the deal on trade and economic partnership (TEP) would come into force in October.
What does this mean?
Ambassador Tissafi described the ratification of the Switzerland trading pact as a “prominent milestone” in the bilateral relationship of the country with the new Delhi.
The agreement, signed in March after almost 16 years of negotiation, is ready to reduce business barriers and make customs more efficient by opening the Indian market to Swiss exports.
Tasks will be created by investing $ 100
According to Meg, EFTA (Iceland, Lichtenstein, Norway and Switzerland) plan to invest $ 100 billion in India in the next 15 years.
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This investment is expected to create one million (10 lakh) jobs in the country, adding that it would be a “mutually advantageous situation” for all countries involved.
A growing Swiss investment in India
According to the current data compiled by PTI, Switzerland is as 12. The largest investor in India.
Swiss investments in India have grown over the past 25 years and rose from £5 935 crore in 2000 £1.07 736 crore in 2024, said the envoy.
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More than 330 Swiss companies are active in India across various sectors such as engineering, services, precise tools, chemicals and medicines.
Indian companies are also present in Switzerland, especially in sectors such as IT, pharmaceutics and machines.
Focus on successful implementation
Tissafi said that the immediate priority of the Swiss government will successfully implement heartbeat for Swiss companies that want to invest in India.
“For this purpose, we cooperate with trade associations in Switzerland and India and Indian authorities at high and state levels,” she said.
The establishment of the EFTA table in February is one such initiative aimed at releasing investment from EFTA countries, the PTI press agency reported.
Deepening the relationship in India-Witzerland
In addition to heartbeat, the bilateral relationship between India and Switzerland has developed over the last 77 years after both countries have signed friendship.
The relationship between the two countries is on an ascending trajectory, said the envoy and added that they cooperate in various areas, from the signature of the pulse last March to the implementation of projects such as climate change, the risk of disasters and the environment.
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Another remarkable progress in the partnership between the two countries is also the launch of the Swiss-Indian Innovation Platform in Bengalur in October 2023, she said.
This platform connects the Indian Institutes Institutes (IIT) and the Swiss technical secondary schools and universities with leading private companies from both countries to support strategic innovation partnerships, the press agency reported.
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