India and Switzerland Expand Cooperation in Trade and Infrastructure, Target $100 Billion Investment
The Prime Minister announced a renewed partnership in trade, defense, and technology during a joint press statement with the President of Switzerland.
The Prime Minister welcomed the President of Switzerland to India, emphasizing the strengthening of bilateral relations between the two nations. The Prime Minister praised the implementation of the historic Trade and Economic Partnership Agreement between India and the European Free Trade Association (EFTA) countries. This marks India's first Free Trade Agreement (FTA) with any economic block in Europe. Through this agreement, the goal has been set to attract $100 billion in investment and create one million direct jobs in India over the next 15 years.
The Prime Minister stated that decisions have been made to increase market access for Indian exports of agricultural, pharmaceutical, textile, and engineering goods in Switzerland. Additionally, there are plans to attract Swiss investment in sectors such as biotechnology, life sciences, banking, insurance, food processing, and sustainability.
In the fields of defense and infrastructure, both countries identified possibilities for cooperation in military exchanges and defense production, and agreed to enhance collaboration in nuclear energy. A new agreement on transport, mobility, and infrastructure was signed. Citing projects such as the Varanasi ropeway and Noida's Jewar Airport, the Prime Minister invited Swiss companies to invest on a large scale in India and participate in design and manufacturing.
In the realm of science and technology, new joint research projects will be launched in priority areas including health, clean energy, and space. Furthermore, an agreement with the University of Zurich to build the capacity of Indian science start-ups was welcomed. Discussions also focused on increasing cooperation in the fields of Yoga and Ayurveda.
New opportunities in Switzerland will open for youth and professionals through the Migration and Mobility Partnership Agreement and the Young Professionals Agreement. Additionally, a "Prosperity Summit" will be organized on October 7 with India-EFTA business leaders.
Reiterating his commitment to global peace and stability, the Prime Minister supported peaceful efforts regarding issues in Ukraine and Western Asia. He also emphasized the need for reforms in global institutions. Finally, he extended best wishes to Switzerland for the upcoming "Geneva AI Summit" and expressed a commitment to working together to make Artificial Intelligence (AI) responsible and human-centric.
