EFTA Delegation To Visit New Delhi With 100+ Investors For India Business Opportunities

New Delhi, Feb 4 (KNN) A high-level delegation from the European Free Trade Association (EFTA) is set to visit New Delhi next week, bringing over 100 investors to explore business opportunities in India, according to Commerce and Industry Minister Piyush Goyal. 

The delegation represents all four EFTA member states including Iceland, Switzerland, Norway, and Liechtenstein.

This visit marks a significant step in implementing the recently signed India-EFTA trade agreement, which includes a substantial investment commitment from the European nations. 

Under the agreement, EFTA countries have pledged to invest USD 50 billion in India during the first decade following the deal’s implementation, with an additional USD 50 billion promised for the subsequent five years.

Indian government officials anticipate that these investments will primarily target the manufacturing sector, with a focus on chemicals, pharmaceuticals, food processing, and infrastructure development. 

The trade agreement, which was finalised in March 2023 after 16 years of negotiations spanning 21 rounds, is expected to become operational by the end of 2025.

Switzerland maintains its position as India’s most significant trading partner among EFTA nations, as evidenced by recent trade data. 

During the first eight months of the current financial year, India’s exports to EFTA nations reached USD 1.28 billion, with Switzerland accounting for 77 percent of this figure. 

Imports during the same period totaled USD 15.8 billion, with Switzerland contributing 97 percent of the total. 

The trade deficit currently stands at USD 14.5 billion, largely attributed to gold imports from Switzerland, which represent 80 percent of India’s total gold imports from the country.

(KNN Bureau)

 

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