Commerce and industry minister Piyush Goyal on Monday started his visit to Switzerland where he will be engaging with the industry and political leadership to explore opportunities for collaboration.
Switzerland is the most important member of the European Free Trade Association (EFTA) with which India concluded a Free Trade Agreement (FTA) in March 2024. In this FTA, the EFTA – which also includes Norway, Iceland and Liechtenstein – agreed to push foreign direct investment of $ 100 billion in India over a period of 15 years in return for greater access to Indian markets. The FTA is yet to be operationalised as it is going through the process of ratification.
Goyal’s itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas like pharma and life sciences, precision engineering, machine tools and high-tech manufacturing.
“A significant highlight will be meeting with Federal Councillor Guy Parmelin.” a commerce ministry statement said.
Indian industry representatives will also participate in these engagements leading to direct dialogue and exploration of specific collaboration opportunities. He will also participate in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA).
Later he will be in Sweden to co-chair the 21st Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with HMinister for International Development Cooperation and Foreign Trade Benjamin Dousa,
During his visit the Minister is also scheduled to hold bilateral meetings with Dousa and Håkan Jevrell, State Secretary to the Minister of Development Cooperation and Foreign Trade.
Key engagements in Sweden will involve an India – Sweden Business Leaders’ Round Table and one-on-one meetings with leading Swedish companies. These discussions will cover a wide range of industries where Sweden excels, including advanced manufacturing, innovation, green technologies, and sustainable solutions. Companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB are among those with a significant presence or interest in enhancing ties with India will also be interacting with Goyal and Indian companies.