India and Switzerland Seal 5-Year Visa Pact and $100B Investment Goal
India and Switzerland sign a landmark mobility pact offering 5-year visas and targeting $100 billion in investments and one million jobs.
In a massive boost to international mobility and economic cooperation, India and Switzerland have signed a landmark Migration and Mobility Partnership (MMP). This historic agreement, finalized during high-level talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin in New Delhi, introduces multiple-entry visas valid for up to five years and sets an ambitious target of $100 billion in investments over the next 15 years.
The bilateral summit, held at Hyderabad House, marks a significant turning point in the centuries-old relationship between the two nations, focusing on innovation, infrastructure, and advanced technology.
New Era for Students and Young Professionals
The mobility pact is designed to create seamless pathways for human capital exchange. Key highlights of the new framework include:
- Long-term Visas: Multiple-entry visas that remain valid for up to five years.
- Student Support: The introduction of renewable one-year student permits to facilitate easier academic pursuits.
- Young Professionals Scheme (YPS): A dedicated agreement allowing for an annual exchange of 300 young professionals per country, with the potential to scale up to 500.
- Faster Verifications: A drastic reduction in the time required to verify nationality and residency status, now expected to take only 30 to 90 days.
Targeting $100 Billion and One Million Jobs
Prime Minister Modi unveiled a sweeping economic roadmap during the meeting, aiming to transform the bilateral trade landscape. The two nations are working toward a goal of attracting $100 billion in investments, which is projected to create one million direct jobs over the next decade and a half.
"India-Switzerland friendship is centuries-old. Innovation, infrastructure and advanced technology are strong pillars of our foundation today," PM Modi stated during a joint press conference. He emphasized that the summit would provide "new pace and height" to the partnership, building upon the historic trade agreement implemented with the European Free Trade Association (EFTA).
Green Infrastructure and Technological Synergy
Beyond migration, the partnership dives deep into the future of sustainable development and high-tech industry. A new Memorandum of Understanding (MoU) on Transportation Technologies, Mobility Systems, and Infrastructure has been signed, focusing on several critical sectors:
- Electric Vehicles (EVs) and sustainable mobility.
- Ropeways and Tunnelling technologies.
- Circular Economy initiatives.
- Public-Private Partnerships to drive technology transfer.
Boosting Research and Startup Ecosystems
To ensure that the next generation of innovators thrives, three specialized agreements were concluded to strengthen the scientific and entrepreneurial bond:
- Scientific Research Collaboration: A Letter of Intent between India’s Department of Science and Technology (DST) and the Swiss National Science Foundation (SNSF) to foster long-term joint research.
- Academia-Industry Training: An arrangement between the DST and the Zurich University of Applied Sciences to support early-stage startups through capability building.
- Indo-Swiss Research Flagship: The launch of an inaugural session to promote knowledge exchange and accelerate methodology transfers for young researchers.