Modi Hails Centuries-Old India-Switzerland Ties; Targets $100B Investment
PM Modi and Swiss President Guy Parmelin unveil a roadmap for $100 billion investment and 1 million jobs through the India-EFTA partnership.
In a landmark move to elevate bilateral relations, Prime Minister Narendra Modi has unveiled an ambitious economic roadmap with Switzerland, aiming to secure $100 billion in investments and create one million direct jobs in India over the next 15 years. Speaking at a high-level meeting in New Delhi, the Prime Minister emphasized that the partnership between the two nations is entering a transformative era.
A New Era of Economic Cooperation
During a delegation-level meeting at Hyderabad House on Monday, Prime Minister Modi met with Swiss President Guy Parmelin to discuss the strategic trajectory of their shared future. The leaders witnessed the exchange of several Memorandums of Understanding (MoUs), which are set to bolster cooperation across critical sectors including innovation, infrastructure, and advanced technology.
"India-Switzerland friendship is centuries-old. Innovation, infrastructure and advanced technology are strong pillars of our foundation today. With the Summit today, we are going to give a new pace and height to our partnership," Prime Minister Modi stated during a joint press statement.
The Role of the India-EFTA Agreement
A cornerstone of this renewed momentum is the India-EFTA Trade and Economic Partnership Agreement (TEPA). This historic pact, which involves India and the four European Free Trade Association (EFTA) member nations—Iceland, Liechtenstein, Norway, and Switzerland—represents India's first Free Trade Agreement (FTA) with a European economic bloc.
The Prime Minister highlighted the significance of this agreement, noting that it serves as an ambitious blueprint for mutual prosperity. The implementation of this accord is expected to drive massive economic shifts, specifically targeting the massive influx of foreign capital and employment opportunities mentioned earlier.
Diplomatic Milestones and Shared Values
The visit of President Parmelin was marked by significant ceremonial and diplomatic engagements. Upon his arrival, the Swiss leader received an official reception at the forecourt of Rashtrapati Bhavan, greeted by President Droupadi Murmu and Prime Minister Modi. President Parmelin also paid his respects at Rajghat during a wreath-laying ceremony for Mahatma Gandhi.
President Parmelin described his visit as a "stepping stone" to fortify the long-standing bond between the two countries. He noted that the relationship is anchored in shared democratic values, trust, and mutual respect.
"I am pleased and honoured that we have the chance to exchange views on matters of bilateral and global importance," the Swiss President remarked, adding that the timing is ideal to celebrate the progress made under the India-EFTA TEPA framework.
External Affairs Minister S. Jaishankar also met with President Parmelin, expressing confidence that the discussions would deepen engagement across a wide array of domains, building upon the existing promise of the India-EFTA partnership.