India is your next strategic hub, Goyal tells Swiss firms.

New Delhi: Commerce and industry minister Piyush Goyal has urged Swiss companies to boost investments in India, which he said was a burgeoning hub for manufacturing, talent, and innovation, his ministry said on Tuesday.

Goyal, currently on a five-day official visit to Switzerland and Sweden aimed at bolstering economic and trade ties with the key European partners, chaired high-level roundtables with Swiss executives across critical sectors, including biotech, health, defence, precision engineering, and emerging technologies.

According to the statement, Goyal's discussions centered on forging stronger synergies between Indian and Swiss enterprises.

A particular emphasis was on facilitating innovation, technology transfer, and sustainable manufacturing practices, the statement added.

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Goyal also invited Swiss companies to expand their footprint in India, underscoring the benefits of tapping into the country's rapidly growing consumer base and skilled workforce.

India-EFTA trade talks

The visit, scheduled from June 9 to 13, is also expected to advance negotiations on the long-anticipated India-EFTA (European Free Trade Association) trade agreement.

Beyond trade, Goyal's agenda includes exploring new avenues for investment in high-value sectors such as precision engineering, pharmaceuticals, and sustainable technologies, signalling India's ambition to attract sophisticated Swiss expertise and capital.

"Goyal assured the leadership of India’s unwavering commitment to fostering a conducive business environment through transparent regulatory processes, a robust intellectual property regime, and pro-investment policy frameworks," the statement said.

"He encouraged Swiss businesses to explore India not just as a market, but as a strategic hub for manufacturing, talent, and innovation," it added.

Goyal is slated to hold sector-specific meetings with global CEOs and senior officials from industries including life sciences and high-tech manufacturing apart from meeting Swiss federal councillor Guy Parmelin, Swiss companies, and Indian industry representatives to push forward discussions on the India-EFTA Trade and Economic Partnership Agreement (Tepa).

Goyal's visit comes at a time when India is seeking to push forward stalled trade negotiations with several partners, including those under EFTA, amid a broader geopolitical push to deepen ties with Western democracies and reduce China-dependency in global supply chains.

Switzerland, which has a major share of EFTA’s total trade with India, is seen as a key player in finalizing a balanced and forward-looking Tepa deal. EFTA comprises Iceland, Liechtenstein, Norway and Switzerland.

"The Minister (Goyal) called on Swiss businesses to leverage the dedicated EFTA Desk at Invest India for handholding and facilitation support. He reiterated India’s willingness to work towards regulatory harmonization and mutual recognition agreements, highlighting India's proactive stance on building reciprocal bridges to encourage Swiss and Indian investment," the statement said.

"Swiss industry leaders across a diverse range of sectors—including biotechnology, precision manufacturing, healthcare, automation, defence, cybersecurity, and advanced materials—expressed strong confidence in India’s trajectory as a global economic powerhouse and an innovation-led growth destination," it added.

"Several firms indicated an active interest in forming joint ventures, scaling operations, and localizing production to serve both Indian and international markets," the statement said.

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"From cutting-edge cancer therapies and cell sciences to industrial automation, fibre optics, space technologies, and digital security, Swiss companies underscored their alignment with India’s developmental priorities and sectoral growth plans," it added.

After concluding engagements in Switzerland, Goyal will travel to Sweden, where he will co-chair the 21st session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) alongside Swedish Minister for International Development Cooperation and Foreign Trade, Benjamin Dous.