Modi said the decisions would support exports of Indian agricultural products, pharmaceuticals, textiles and engineering goods to Switzerland, while also encouraging Swiss investment in India in areas such as biotechnology, life sciences, banking, insurance, food processing and sustainability. “We invite Swiss infrastructure companies to invest in India at a large scale and participate in capacity building, design, and manufacturing,” he said.
India and Switzerland agreed in New Delhi to widen market access for Indian exports, including textiles, after Modi-Parmelin talks.
New pacts on migration, young professionals and transport aim to support trade, investment and trusted supply chains.
Modi linked the push to the India-EFTA TEPA, implemented in October last year, targeting $100 billion investment and 1 million direct jobs.
Prime Minister Modi added the two countries had taken several decisions to expand Swiss market access for Indian exports and further facilitate investment between the two economies. He said the initiatives would help India and Switzerland develop trusted supply chains and reliable solutions, the Prime Minister’s Office (PMO) said in a press release.
Modi linked the current engagement to the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) countries. The TEPA was implemented in October last year and is India’s first free trade agreement (FTA) with an economic bloc in Europe. The PM said the agreement targets $100 billion in investment in India and 1 million direct jobs over the next 15 years.
The two sides also signed an agreement on transport, mobility and infrastructure.
The Indian PM also extended support to Switzerland for the Geneva AI Summit next year.
Fibre2Fashion News Desk (SG)
