NEW DELHI: With an eye on receiving $100 billion investment from European Free Trade Association (EFTA) nations – Switzerland, Norway, Iceland and Liechtenstein – government on Monday announced the setting up of a dedicated platform to promote trade, investment and business facilitation between the two regions.
Last March, India and the four European nations had signed a free trade agreement, which included an investment commitment in return for tariff reductions by New Delhi on products, including chocolates, watches and cut and polished diamonds.
The agreement is not yet operational but is expected to be in force later this year. Commerce and industry minister Piyush Goyal said all the four EFTA nations have moved forward in seeking to implement the agreement. “With the $100 billion FDI, I believe that we could be catalysing overall investments of may be $400 billion or $500 billion in the Indian ecosystem,” the minister said, adding that a million direct jobs could be created.
The setting up of the dedicated investment desk is seen as an important step and it will be the centralised support mechanism for companies from the EFTA region looking to expand in India. It will provide market insights and regulatory guidance, business match-making and assistance in navigating India’s policy and investment landscape. “It will help businesses from EFTA countries navigate areas of concern and it will make it easier for them to do business in India,” Goyal told reporters.
He also said India has offered EFTA countries an opportunity to have dedicated enclaves in either of the 20 industrial smart cities, being developed by National Industrial Corridor Development Corporation, or in the 100 industrial hub and spoke model areas announced in Budget. “We are in dialogue with the countries to see if any of these (industrial parks) could be dedicated to companies from their respective countries,” Goyal added.
Helene Budliger Artieda, Swiss state secretary said that they are informing their companies about investment opportunities in India.
