India To Get $100 Billion Swiss Investment, 10 Lakh Jobs In 15 Years: PM Modi

Prime Minister Narendra Modi on Monday said India will realise the target of attracting $100 billion in Swiss investment and creating 10 lakh direct jobs over the next 15 years, as he held wide-ranging talks with Swiss President Guy Parmelin in New Delhi.

Modi made the remarks during a joint statement with Parmelin at Hyderabad House, where the two countries also exchanged MoUs in the presence of the two leaders.

Highlighting the significance of the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement, Modi said it was implemented last year with Parmelin’s support and marked India’s first FTA with an economic bloc in Europe.

“Therefore, we will realise the goals of attracting $100 billion in investment and creating 10 lakh direct jobs in India over the next 15 years,” Modi said.

India, Switzerland expand market access

He said India and Switzerland had taken several decisions to expand market access for Indian exports and facilitate greater investment between the two countries. The measures are expected to boost India’s exports of agriculture, pharmaceutical, textile and engineering goods to Switzerland.

At the same time, India will seek greater Swiss investment in sectors including biotechnology, life sciences, banking, insurance, food processing and sustainability.

Modi highlights longstanding bilateral ties

Modi also highlighted the longstanding ties between the two countries, recalling Swami Vivekananda’s visit to Switzerland in the 19th century and Mahatma Gandhi’s association with the country.

“Innovation, infrastructure and advanced technology have emerged as strong pillars of our friendship,” Modi said.

Leaders discuss global cooperation

The Prime Minister said India and Switzerland shared democratic values and a commitment to the rule of law, dialogue and diplomacy. He added that the two countries would continue working together for global peace and stability, including on conflicts in Ukraine and West Asia.

Modi also stressed the need for reforms in global institutions to address emerging global challenges.

The talks between Modi and Parmelin focused on strengthening bilateral cooperation in trade and investment, mobility and critical technologies.