Switzerland, Iceland, Norway to invest $100B in India by 2040
What's the story
Switzerland and its European Free Trade Association (EFTA) partners - Iceland, Liechtenstein, and Norway - have pledged a whopping $100 billion investment in India. The investment will be made over the next 15 years. Martin U Maier, Consul General of Switzerland in Mumbai, announced the investment during an exclusive interview with the ANI at the Global Investors Summit in Bhopal.
Strategic partnership
Investment part of TEPA
The investment pledge forms a key part of the recently inked Trade and Economic Partnership Agreement (TEPA) between India and the EFTA nations. Maier emphasized that this agreement has a chapter on this major investment, to strengthen economic cooperation between India and the EFTA bloc.
Business expansion
Maier urges Swiss firms to expand in India
Maier emphasized on luring Swiss businesses to expand their footprint in India. He said, "Together with India, we now have to ensure that Swiss companies flock to India and invest here." He also noted that many companies are interested and are actively looking for investment opportunities. However, he warned of stiff competition from other Asian nations also looking for investments.
Business climate
India's progress in improving business environment
Maier acknowledged the major steps taken by the Indian government to improve the business environment. He said, "I think there is good progress, and I see that India is continuing its efforts to enhance ease of doing business across all sectors." He added that many Swiss companies are incorporating their Indian operations into their global supply chains, making India a key hub for manufacturing and business.