Swiss firms keen on India: Parmelin
On October 1, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) marked its one-year implementation. Swiss President Guy Parmelin, who speaks for EFTA's largest economy, is currently in India, expressing optimism about the agreement's progress and its potential for future growth.
Parmelin highlighted that TEPA is already generating significant results and paving the way for long-term investments and employment opportunities. He also praised India's leadership in giving underrepresented voices a platform in global technology conversations, stating that Switzerland intends to build upon this momentum.
Since TEPA came into force, there has been a strong interest among Swiss companies in the agreement. Investments from Swiss firms have already been made or are planned in various sectors. Parmelin anticipates that TEPA will significantly boost bilateral trade between Switzerland and India in the coming years.
Parmelin's state visit to India is aimed at strengthening the bilateral ties and assessing the implementation of TEPA. The visit also provides a platform to deepen cooperation in areas such as business, research, education, and emerging technologies. It also offers an opportunity for Swiss partners to engage with Indian counterparts on shared global issues.
Switzerland's investment in India is primarily driven by the private sector, with the Swiss role being to provide a stable and attractive framework for investment. Through TEPA, Switzerland has laid a solid foundation for deeper economic cooperation. The agreement has been met with strong interest from Swiss companies, leading to investments in sectors like manufacturing, financial services, pharmaceuticals, technology, and logistics.
Switzerland and India have a long-standing partnership in research and innovation, based on the 2003 Agreement on Scientific and Technological Cooperation. This agreement facilitates joint activities, funding mechanisms, and collaborative efforts between the two countries. The bottom-up approach allows researchers and institutions in both countries to identify topics of mutual interest and initiate collaborations based on scientific excellence.
This flexible approach has led to collaborations spanning a wide range of fields, including those aligned with India's Make in India initiative.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
