Strengthening India-Switzerland Industrial Ties
Union Minister for Commerce and Industry, Piyush Goyal, recently co-chaired a significant Business Roundtable on the Machinery, Electrical & Metal (MEM) Industry in Bern, Switzerland, alongside Swiss Federal Councillor Guy Parmelin. This high-level dialogue underscored the growing industrial collaboration between India and Switzerland, focusing on innovation, workforce development, and investment opportunities.
Advancing the India-EFTA Trade Partnership
A cornerstone of the discussions was the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), which is set to come into effect in September 2025. Minister Goyal highlighted the agreement’s potential to unlock up to $100 billion in investments and the creation of one million jobs in India over the next 15 years. He emphasized India’s commitment to facilitating Swiss investments through dedicated support channels like the EFTA Desk at Invest India.
Sectoral Dialogues and Strategic Partnerships
During his visit, Minister Goyal led focused roundtables with Swiss industry leaders across key sectors, including biotech, pharmaceuticals, precision engineering, defence, and emerging technologies. These sessions highlighted India’s vast market potential, affordability, and rapidly evolving innovation ecosystem, positioning it as an attractive destination for Swiss enterprises.
Memorandum of Understanding with Swissmem
A significant outcome of the visit was the signing of a Memorandum of Understanding (MoU) between India’s ASSOCHAM and Swissmem, the leading association for Switzerland’s technology industry. The MoU aims to foster industrial collaboration, innovation, and skill development between the two nations. It encompasses areas such as technical transfer, economic cooperation, trade fairs, and policy alignment, facilitating mutual growth and development.
Engaging with the Indian Diaspora and Professional Bodies
Minister Goyal also engaged with the Switzerland Chapter of the Institute of Chartered Accountants of India (ICAI), commending their contributions to strengthening the India-Switzerland professional and business ecosystem. Additionally, he met with members of the Indian business community in Switzerland, encouraging them to leverage the opportunities presented by the TEPA to invest and collaborate in India’s burgeoning market.
Conclusion
Minister Piyush Goyal’s visit to Switzerland marked a pivotal step in deepening the industrial and economic ties between India and Switzerland. Through strategic dialogues, sectoral engagements, and institutional partnerships, both nations are poised to embark on a new era of collaboration, driving innovation, investment, and mutual prosperity.
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