India eyes $100 billion investment deal with Switzerland, Norway

India is nearing the finalisation of a trade agreement that could lead to significant investment from a select group of European nations, potentially totaling $100 billion over a span of 15 years, reported Bloomberg.

The European Free Trade Association (EFTA), comprising Norway, Iceland, Liechtenstein, and Switzerland, has reportedly made commitments as part of this trade pact, according to sources familiar with the matter.

The proposed investment from EFTA countries is expected to generate over 1 million jobs in India. These investments would primarily target both existing and new manufacturing projects, with contributions coming from both state-sponsored organizations and private businesses.

As part of the trade deal, provisions will be made for market access to certain agricultural projects, and it will facilitate smoother movement of Indian professionals to EFTA countries.

It may be noted that the commerce ministry and EFTA have not issued an official statement related to the matter.

Last month, Union Minister for Communications and Electronics and Information Technology Ashwini Vaishnaw, disclosed to news agency Reuters that India is aiming for $100 billion in annual foreign direct investment (FDI) in the coming years.

India has been attracting investments from various countries, including the United Arab Emirates, which is contemplating investing up to $50 billion in the country.