Goyal pitches India’s growth story to Swiss investors

Indian commerce minister Piyush Goyal pitched India as an investment destination in Zurich as he met potential investors to advance a free trade pact with the European Free Trade Association bloc (Iceland, Liechtenstein, Norway, and Switzerland).

After about 15 years of negotiations, in March, India and the small bloc of European nations in the EFTA signed a deal that is expected to create 1 million jobs in Asian nation and bring investments to the tune of $100 billion over the next 15 years into the country.

During the visit, Goyal led a series of meetings with investors, highlighting India’s growth story, while also holding separate discussions with Ngozi Okonjo-Iweala, director general of the World Trade Organization (WTO). He separately met members of the Indian diaspora.

Goyal and Okonjo-Iweala discussed the progress made since the 13th Ministerial Conference of WTO, which was held earlier this year in Abu Dhabi, with the former highlighting India’s commitment to achieving fair and meaningful trade outcomes and ensuring free and equitable trade among member nations.

He also convened a meeting with India’s WTO team in Geneva, led by the ambassador and permanent representative of India at WTO, along with senior officers from the department of commerce.

Goyal met with top executives at Swiss private sector firms as well as Swiss Federal Councilor Guy Parmelin and State Secretariat for Economic Affairs executive Helene Budliger Artieda.

“Discussions focused on the India-EFTA Trade and Economic Partnership Agreement (TEPA) & how the Indian market presents lucrative investment opportunities for Swiss industry & investors. Also, explored potential areas for collaboration with the Indian delegation led by @FollowCII (Confederation of Indian Industry) to foster mutual growth of our economies,” he posted on X.

During a separate meeting with the Indian diaspora, Goyal acknowledged their contribution to the Swiss economy and Indo-Swiss relations, while encouraging them to invest in India.

The minister also met leading corporate bosses, including representatives from MSC Cargo, and discussed potential collaborations and investment opportunities in various sectors.

“Held a meeting with Diego Aponte, group president at @MSCCargo, a renowned global container shipping and logistics group with a significant presence in India. Discussed potential collaborations with the Indian industry and the growth of container shipping & Indian-flag vessels,” Goyal posted on X.

He also met senior officials from Zurich airport, including chairman of the board of directors, Josef Felder to explore opportunities for collaboration in enhancing airport infrastructure and advancing ancillary air services in India.

India’s agreement with the EFTA primarily focuses on market access related to goods, rules of origin, trade facilitation, and trade remedies, in addition to sanitary and phytosanitary measures, technical barriers to trade, and investment promotion.