EFTA investor delegation to visit Delhi to explore business ties: Goyal

A delegation of investors from the four-member European Free Trade Association (EFTA) nations—Iceland, Switzerland, Norway, and Liechtenstein—will be in New Delhi next week to explore business opportunities and strengthen investment ties, commerce and industry minister Piyush Goyal said.

 

EFTA representatives will be in the national capital with more than 100 investors.

 

The visit aligns with the investment commitment made by European nations under the India-EFTA trade agreement—an investment commitment of $50 billion in India within 10 years of the agreement taking effect, and an additional $50 billion in the following five years.

 

The investment is expected to create 1 million direct jobs in India over 15 years.

 

 

Government officials expect investments to focus on manufacturing in India across sectors such as chemicals, pharmaceuticals, food processing, and infrastructure.

 

The trade agreement between EFTA and India was signed in March last year after 16 years of negotiations, involving 21 rounds. The trade deal is expected to take effect by the end of 2025.

 

Of the four EFTA nations, Switzerland is India’s largest trading partner.

 

During the first eight months of this financial year, India’s exports to EFTA nations stood at $1.28 billion, of which 77 per cent went to Switzerland. Imports stood at $15.8 billion, with 97 per cent coming from Switzerland.

 

The trade deficit stood at $14.5 billion, primarily due to gold imports from Switzerland, which account for 80 per cent of India's gold imports from the country.