India and the European Free Trade Association (EFTA), which comprises Iceland, Liechtenstein, Norway and Switzerland, along with Invest India have set up a desk that will facilitate investments worth $100 billion. On 10 March 2024, India had signed a Trade and Economic Partnership Agreement (TEPA) with the EFTA, after 15 years of negotiations. TEPA is expected to enhance trade and economic co-operation between India and the ETFA. This was the fourth such trade agreement India has signed – the other partners being Mauritius, the UAE and Australia.
The launch of the desk in India will help facilitate companies from the EFTA to partner with Indian companies, generating investments worth $100 billion and also creating over one million jobs in India over the course of next 20 years.
The desk will serve as a central point of contact for EFTA businesses looking to expand into India. It will also help address investor concerns and resolve issues they may face, including providing support and guidance on expansions into new markets and maintaining a comprehensive database of investment opportunities.
Addressing business concerns
“The opening of a dedicated EFTA Desk will be of great help to Norwegian companies that want to enter the Indian market and marks an important milestone in our joint efforts in making business and investment easier for businesses,” informs Tomas Norvoll, deputy minister, Norwegian ministry for trade, industry & fisheries. “The potential for more trade and investments is vast and we believe the desk will help further unlock some of this potential by serving as a contact point that can help businesses get information more easily and address key business concerns”.
Notwithstanding the fact that TEPA has yet to formally enter into force, businesses across the four EFTA states are actively preparing for the new trade conditions, exploring investment opportunities and strengthening commercial ties with Indian partners. In the first week of February, more than 100 EFTA businesses visited India to explore opportunities.
“The opening of the EFTA Desk by India and the impressive presence of EFTA companies in Delhi show that the TEPA is more than just text and promises,” affirms Helene Budliger Artieda, state secretary for economic affairs, Switzerland. “We are fully committed to implementing the TEPA and bringing this win-win partnership to life,” she adds. The EFTA industries excel in areas such as precision engineering, renewable energy, pharmaceuticals and financial services.