PM Modi invites Swiss infrastructure companies to invest in India
Prime Minister Narendra Modi has highlighted the aim for a US$100 billion investment in India and 1 million direct jobs creation over the next 15 years under the Idia-European Free Trade Association (EFTA).
“We have taken several important decisions to increase market access for Indian exports in Switzerland and further facilitate investment between the two countries,” he said in a Joint Press Statement issued following the State Visit of the President of the Swiss Confederation Guy Parmelin.
This will help increase exports of Indian agricultural products, pharmaceuticals, textiles, and engineering goods to Switzerland, he said.
“At the same time, we will attract new Swiss investments into key sectors in India, such as biotechnology, life sciences, banking, insurance, food processing, and sustainability. Through these initiatives, we will work together to develop trusted supply chains and reliable solutions for the world,” said PM Modi.
He also underlined the importance of new opportunities identified for cooperation in military exchanges and defence production, and an agreement to further deepen cooperation in nuclear energy.
“The Varanasi ropeway, Jewar Airport in Noida, and railway and tunnelling projects in mountainous areas are shining examples of our infrastructure cooperation,” he said. “To further strengthen this cooperation, today we signed an agreement on transport, mobility, and infrastructure.”
PM Modi invited Swiss infrastructure companies to invest in India at a large scale and participate in capacity building, design, and manufacturing.
Science and technology cooperation is also a strong pillar of partnership between the two countries, added the PM. “I am very pleased that we will soon launch new joint research projects in priority areas such as health, clean energy, and space. We also welcome the agreement with the University of Zurich to build the capacity of India’s science start-ups.”
The Migration and Mobility Partnership Agreement and the Young Professionals Agreement signed on 5 Oct will open up many new opportunities in Switzerland for Indian students, researchers, professionals, and young people.
Both India and Switzerland believe in democratic values, the rule of law, dialogue, and diplomacy. We will continue to work together for global peace and stability.
On 7 Oct, the visiting President attended the “Prosperity Summit” with India-EFTA business leaders. The summit serve as an important platform to turn the promise of our trade and investment partnership into concrete outcomes. I also extend my very best wishes to all the business leaders participating in this summit.
List of Outcomes: agreed during the State Visit of the President:
MoU on Migration and Mobility Partnership (MMP)
The MoU aims to develop migration and mobility cooperation under equal treatment principles, and to prevent and combat irregular migration/human exploitation/trafficking in accordance with national laws. It provides for multiple-entry visas for upto 5 years, including stays of upto 6 months on each visit, and renewable 1-year student permits.
Agreement on the Exchange of Young Professionals (YPS)
The Agreement aims to govern the exchange of young professionals taking up temporary employment in the other country to enhance their professional and language skills within their field. YPS incorporates exchange of 300 persons annually per country, which may increase to 500, and a timeline of 30/90 days for verification of nationality/residency status, among other provisions.
MoU on Promotion and Collaboration on Transportation Technologies, Mobility Systems and Infrastructure in Identified Areas between the Federal Department of Economic Affairs, Education and Research (EAER) and Ministry of Road Transport & Highways
The MoU aims to promote collaboration in sustainable infrastructure development, with a focus on transportation and mobility systems by advancing technologies and infrastructure in areas such as electric vehicles, ropeways, circular economy, tunnels, and other transport sectors.
Letter of Intent (LoI) between Department of Science and Technology (DST) and Swiss National Science Foundation (SNSF)
The LoI aims to promote long-term cooperation between the Indian and Swiss research communities by supporting exploratory scientific collaboration, building partnerships for future joint research, and establishing a broader framework to sustain long-term initiatives across mutually agreed priority areas.
Implementation Arrangement (IA) for cooperation in Innovation, Technology Transfer and Entrepreneurship between Department of Science and Technology (DST) and the Zurich University of Applied Sciences
The IA aims to establish bilateral cooperation in innovation, technology transfer, and entrepreneurship by implementing the Indo–Swiss Academia–Industry Training (AIT India) program for early-stage startups through bilateral exchange, joint workshops, capability building, and networking.
Announcements
Inaugural session of Indo-Swiss Research Flagship event in collaboration with Ministry of Science and Technology. Fiinews.com
