India, EFTA nations set up new body to drive in $100 bn investments

Building on the Trade and Economic Partnership Agreement (TEPA) signed last year, India and the European Free Trade Association (EFTA) this week announced a dedicated desk for easier business operations.

The EFTA countries—comprising Switzerland, Norway, Iceland, and Liechtenstein—have committed to promoting foreign direct investments (FDI) of over $100 billion in India over the next 15 years, creating one million direct jobs in India.

The India-EFTA Desk will provide structured support to businesses from the EFTA region looking to invest, expand, or establish operations in India, a government statement said.

The Desk will fast-track processes, make it easier to do business with India and ensure a seamless flow of capital and resources as well as navigate areas of concern, commerce minister Piyush Goyal said in a social media post.

Delighted to launch the India-EFTA Dedicated Desk that will cut across all ministries in the central government and draw resources from the state governments to catalyze the $100 Bn investments.

The Desk aims to fast-track the processes, make it easier to do business, ensure a… pic.twitter.com/D5sxDX7gpx

— Piyush Goyal (@PiyushGoyal) February 10, 2025

Following the signing of the TEPA last year, Switzerland, Norway, Iceland, and Liechtenstein have taken steps to ratify the agreement, with a lot of positivity in all four countries, Goyal said, adding: “We hope to operationalize the agreement in the later part of this year.”

Goyal said that the agreement, signed last March, “was the first of its kind in the economic history of global trade,” adding that, “EFTA also introduced the element of $100 billion of foreign direct investment in India, excluding investment made by foreign institutional investors such as the Norwegian sovereign fund.”

“This Desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business,” the minister said.

Officials from all four EFTA nations attended the launch.

Switzerland’s state secretary for economic affairs, Helene Budliger Artieda, called TEPA a “new chapter for investment promotion and cooperation,” citing over CHF 10 billion in Swiss FDI that has created more than 146,000 jobs in India, particularly in manufacturing.

Artieda projected a surge in investments across precision industries, chemicals, food processing, and pharmaceuticals, suggesting that an Invest India office in Switzerland could further drive investment flows.

Norway’s state secretary of trade and industry, Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk as the business landing strip. He noted that Norwegian companies in India have doubled in the last decade, and sovereign wealth fund assets have reached $31.4 billion.

Iceland’s permanent secretary for foreign affairs, Martin Eyjolfsson, called TEPA “the most significant trade agreement EFTA has signed in decades,” reinforcing India’s role as a key economic partner for Europe. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals, positioning TEPA as a stabilizing force amid global economic uncertainty.

Liechtenstein’s minister of external affairs, education, and sport, Dominique Hasler, emphasized the Desk’s role in facilitating high-value manufacturing and innovation-driven industries. She pointed to Hilti’s success in India and expressed optimism that TEPA would encourage more Liechtenstein-based firms to expand.

The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation.

Secretary of DPIIT Amardeep Singh Bhatia noted that the TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.