NEW DELHI: Prime Minister Narendra Modi and Swiss Confederation president Guy Parmelin held wide-ranging talks in New Delhi on Monday, with the two sides discussing ways to deepen cooperation in trade and investment, mobility, infrastructure, defence, nuclear energy and critical technologies.The talks came as India and Switzerland seek to build on the India-EFTA Trade and Economic Partnership Agreement (TEPA), which entered into force last October and is set to complete a year of implementation this week.Addressing a joint press statement after the talks, PM Modi said the relationship between India and Switzerland had gained fresh momentum and highlighted the two countries’ cooperation in innovation, infrastructure and advanced technology.“India-Switzerland friendship is centuries-old… Innovation, infrastructure and advanced technology are strong pillars of our foundation today. With the Summit today, we are going to give a new pace and height to our partnership,” PM Modi said.
India eyes $100 billion investment under TEPA
PM Modi said TEPA was an ambitious blueprint for investment, innovation, jobs and shared prosperity and set out a target of attracting $100 billion in investment into India and creating 1 million direct jobs over the next 15 years.“I am very happy to welcome the president of Switzerland to India. First of all, I would like to appreciate his commitment to India-Switzerland relations. With his personal support, last October we implemented a historic Trade and Economic Partnership Agreement between India and the European Free Trade Association, or EFTA, countries,” PM Modi said.“This is India’s first FTA with any economic bloc in Europe,” he added.The Prime Minister said India and Switzerland had also taken decisions to increase market access for Indian exports to Switzerland and facilitate investment between the two countries.He said the measures would support exports of Indian agricultural products, pharmaceuticals, textiles and engineering goods, while encouraging Swiss investment in sectors including biotechnology, life sciences, banking, insurance, food processing and sustainability.
Defence, nuclear energy and infrastructure on agenda
The talks also expanded beyond trade and investment, with PM Modi saying the two countries had identified new opportunities for military exchanges and defence production cooperation.“We also agreed to further deepen nuclear energy cooperation,” he said.PM Modi pointed to projects such as the Varanasi ropeway, Noida’s Jewar airport and railway and tunnelling projects in mountainous regions as examples of India-Switzerland infrastructure cooperation.The two sides also signed an agreement covering transport, mobility and infrastructure, with PM Modi inviting Swiss infrastructure companies to increase investment in India and participate in capacity-building, design and manufacturing.People-to-people ties were another focus of the discussions. PM Modi said the Migration and Mobility Partnership Agreement and Young Professionals Agreement signed during the visit would create new opportunities in Switzerland for Indian students, researchers, professionals and young people.
Parmelin calls visit a ‘stepping stone’
Parmelin, who is on a three-day State visit to India, described the trip as an opportunity to further strengthen the long-standing relationship between the two countries.He said India and Switzerland shared democratic values as well as trust and mutual respect, and described his visit as a “stepping stone” towards deepening their partnership.The Swiss president’s visit is also significant for TEPA, which was signed in March 2024 after nearly 16 years of negotiations and came into force in October 2025. The EFTA countries — Switzerland, Iceland, Liechtenstein and Norway — have committed to investing $100 billion in India over 15 years under the agreement.Parmelin is scheduled to attend the second India-EFTA Prosperity Summit on October 7, marking the first anniversary of TEPA’s implementation.
Swiss business delegation accompanies Parmelin
Parmelin arrived in New Delhi earlier on Monday and was accorded a ceremonial reception at Rashtrapati Bhavan before visiting Rajghat to pay tribute to Mahatma Gandhi. He was accompanied by a delegation of senior officials and business representatives.External affairs minister S Jaishankar also met Parmelin and said he appreciated the Swiss president’s commitment to deepening the India-Switzerland partnership and building on the promise of TEPA.
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According to the ministry of external aaffairs, Switzerland is India’s largest trade and investment partner among the four EFTA countries.More than 330 Swiss companies currently operate in India across sectors including engineering, services, precision instruments, chemicals and pharmaceuticals, while Indian companies in Switzerland have a presence in areas including IT, pharmaceuticals and machinery.Parmelin will also meet President Droupadi Murmu, who is scheduled to host a banquet in his honour. The visit is his first State visit to India and his second trip to the country this year, after his participation in the AI Impact Summit in New Delhi in February.
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