India and Switzerland have taken important decisions to expand market access for Indian exports and facilitate investment, Prime Minister Narendra Modi said on Monday, announcing closer cooperation in infrastructure, mobility, defence, nuclear energy and scientific research following talks with Swiss President Guy Parmelin.
Delivering a joint press statement, PM Modi said the India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement, which came into force in October last year, provided an ambitious framework for investment, innovation, employment and shared prosperity.
He said the agreement aims to attract $100 billion in investment into India and create one million direct jobs over the next 15 years. Describing it as India’s first free trade agreement with a European economic bloc, PM Modi praised Parmelin’s personal support in bringing it into force.
The Prime Minister said decisions taken during the talks would help increase Indian exports of agricultural products, pharmaceuticals, textiles and engineering goods to Switzerland.
India would also seek fresh Swiss investment in biotechnology, life sciences, banking, insurance, food processing and sustainability, he said. These initiatives would help the two countries develop trusted supply chains and reliable solutions for global needs.
The two sides signed an agreement on transport, mobility and infrastructure to strengthen cooperation. PM Modi cited the Varanasi ropeway, Noida’s Jewar Airport, and railway and tunnelling projects in mountainous regions as notable examples of their existing partnership.
He invited Swiss infrastructure companies to invest in India on a large scale and participate in capacity building, design and manufacturing.
PM Modi said the discussions had identified new opportunities for cooperation in military exchanges and defence production. The two countries also agreed to deepen cooperation in nuclear energy.
In science and technology, India and Switzerland will soon launch joint research projects in priority areas including health, clean energy and space. PM Modi welcomed an agreement with the University of Zurich aimed at building the capacity of Indian science startups.
The leaders also discussed strengthening cooperation in yoga and Ayurveda, given their growing popularity in Switzerland.
Calling people-to-people ties the greatest strength of the partnership, PM Modi said the Migration and Mobility Partnership Agreement and the Young Professionals Agreement concluded during the visit would create new opportunities in Switzerland for Indian students, researchers, professionals and young people.
On international issues, the Prime Minister said both countries shared a commitment to democratic values, the rule of law, dialogue and diplomacy, and would continue working together for global peace and stability.
Whether in Ukraine or West Asia, India had supported every meaningful effort towards peace, he said. Both sides also agreed that reform of global institutions was essential to address growing global challenges.
Parmelin is accompanied by a large business delegation. PM Modi said a Prosperity Summit involving India–EFTA business leaders would be held on October 7 in the Swiss President’s presence to turn the promise of the trade and investment partnership into concrete outcomes.
The Prime Minister also extended his best wishes for the Geneva AI Summit, which Switzerland will host next year. Referring to the AI summit held in India in February, which he described as the world’s largest, PM Modi expressed confidence that the two countries would continue working towards responsible, inclusive and human-centric artificial intelligence.
Recalling the historical foundations of bilateral ties, PM Modi said Swami Vivekananda had seen a reflection of the Himalayas in the Swiss Alps during his nineteenth-century visit, while Mahatma Gandhi had spent time in Switzerland and interacted with its people.
Innovation, infrastructure and advanced technology were now strong pillars of that longstanding friendship, he said, adding that the talks would give the partnership fresh momentum.
