India, Switzerland Sign 5 Pacts to Deepen Trade, Investment and Technology Cooperation
Bibhudatta Pradhan / New Delhi
India and Switzerland on Monday signed five agreements covering skilled mobility, young professionals’ exchange, transportation technologies, scientific research, innovation and technology transfer, following bilateral talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin.
The agreements are expected to strengthen the economic partnership between the two countries and support the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which came into force last year.
In a joint press meet, Prime Minister Modi appreciated Swiss President Guy Parmelin’s commitment to India-Switzerland relations. He said that India implemented the historic Trade and Economic Partnership Agreement with the European Free Trade Association, EFTA, countries last October.
Mr Modi noted that the agreement was India’s first Free Trade Agreement with a European economic bloc. He described it as an ambitious framework for investment, innovation, employment and shared prosperity. The Prime Minister highlighted that under the agreement, India aims to attract 100 billion US dollars in investment and create ten lakh direct jobs over the next 15 years.
Prime Minister Modi said that India and Switzerland have taken several important decisions to enhance market access for Indian exports in Switzerland and further facilitate investment between the two countries. He said, this will increase exports of Indian agricultural products, pharmaceuticals, textiles and engineering goods to Switzerland.
Mr Modi said that at the same time, India will attract new Swiss investments in important sectors, such as biotechnology, life sciences, banking, insurance, food processing and sustainability. Prime Minister said, through these initiatives, the two nations will work together to develop trusted supply chains and reliable solutions for the entire world. He said, both the nations today identified new possibilities for cooperation in military exchanges and defence production. Mr Modi said the they have also agreed to further deepen cooperation in nuclear energy.
The Prime Minister said, the friendship between India and Switzerland goes back centuries. He said, in the 19th century, Swami Vivekananda saw a glimpse of the Himalayas in the Swiss Alps. Mahatma Gandhi also spent time in Switzerland and interacted with its people. Mr Modi said, the memories of these historic visits continue to resonate in the friendship even today.
President Parmelin arrived in New Delhi this morning on a three-day state visit to India, accompanied by a high-level delegation comprising senior officials and business leaders. He was received by Minister of State for Road Transport and Highways Ajay Tamta at the airport. The visiting dignitary was accorded a ceremonial welcome at the forecourt of Rashtrapati Bhavan. President Droupadi Murmu and Prime Minister Narendra Modi welcomed the Swiss President. He was given a tri-services guard of honour.
Talking to reporters after the ceremonial welcome, Mr Parmelin said that the visit is an excellent opportunity to emphasise the importance that both Switzerland and India attach to this relationship. He said, the relationship between the two countries is built on shared democratic values, as well as on trust and mutual respect. Swiss President said that his visit is a stepping stone towards further growth, deepening and strengthening of our close, broad and long-standing partnership.
External Affairs Minister Dr S Jaishankar also called on President Parmelin. In a social media post, Dr Jaishankar appreciated President Parmelin’s sentiments towards deepening the India-Switzerland partnership, building on the promise of India – EFTA TEPA. He expressed confidence that Mr Parmelin’s meeting with Prime Minister Narendra Modi will further engagement across a wide range of domains.
The visiting dignitary paid floral tributes to Mahatma Gandhi at Rajghat.
President Parmelin will meet President Droupadi Murmu this evening. President Murmu will also host an official banquet in the honour of her Swiss Counterpart.
Photo Bir Bahadur yadav – President Droupadi Murmu and Prime Minister Narendra Modi with President of the Swiss Confederation Guy Parmelin and his spouse Caroline Parmelin during a ceremonial reception at Rashtrapati Bhavan, in New Delhi on Monday.