India- EFTA FTA: Goyal To Visit Switzerland To Work On $100 Bn FDI Goal

Union minister for commerce and Industry Piyush Goyal will be travelling to Switzerland on Sunday to take forward the USD 100 billion investment commitment by the European Free Trade Association under a Free Trade Agreement (FTA). Goyal will meet with Swiss investors and will also take part in discussions on ratification of the trade deal by both the sides.    

In march 2024, India signed FTA with EFTA in which the country secured a USD 100 billion investment pledge from EFTA over the next 15 years. In return, India agreed to tariff concessions to the members of the group. EFTA is a four member association which includes Switzerland, Norway, Iceland and Liechtenstein.

The investment will come in form of foreign direct investment (FDI), with first USD 50 billion flowing in the first 10 years and the USD 50 billion in the next five years, generating nearly one million direct jobs.  Goyal even signalled at withdrawing the tariff concessions in FTA if the commitments are not fulfilled.

Goyal, while addressing an industry event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) on Wednesday, said, “Sunday’s agenda will involve industry interaction…to see what we can do to kick-start investments. This is because $100 billion can't happen overnight.”

Speaking on whether the targets under the FTA will be met, Goyal said, “Excitement that I am finding in Liechtenstein, Norway, Switzerland and Iceland makes me believe that we can actually exceed that if we are more forthcoming about that. They will look for Indian partners and investors.”

During his visit to Switzerland, the meeting is likely to see the presence of industry, mostly the Swiss investors. So far the members of the EFTA have invested a total of USD 10.7 billion in India in which USD 9.96 billion investment has been made from Switzerland alone.