Bern: Swiss business leaders have expressed optimism in India's market size and growing commercial prospects, saying that the India-EFTA trade agreement will play a critical role in promoting investment and generating jobs.
EFTA nations have pledged a USD 100 billion investment over the next 15 years as part of the India-EFTA commerce agreement. Several Swiss and other items, including watches, chocolates, and cut and polished diamonds, would have reduced or zero import taxes.
The European Free Trade Association (EFTA) includes Iceland, Liechtenstein, Norway, and Switzerland.
Hans Christian Schneider, CEO of Amman Group, a sixth-generation privately held firm renowned for road construction machinery, told him that he is optimistic.
I think this is totally feasible. We, as a medium-sized business, have invested in India in recent years. When I look at how the environment in India has changed, as well as the appeal of the Indian market for foreign direct investment (FDI), I am quite optimistic, according to Schneider.
Schneider applauded the mounting support for the India-EFTA Trade and Economic Partnership Agreement (TEPA), noting that many previously reluctant Swiss enterprises are now more actively interacting with India through trade shows and investment conferences.
According to him, the Swiss are often cautious and risk-averse, but this deal is encouraging many to take India seriously. He described the government's new Invest in India desk as a possible game changer for bilateral commerce.
He also mentioned some issues, such as the need for improved IP protection, equal possibilities for all participants, and the harmonization of industrial standards. These technical challenges must be addressed together in order to completely utilize the impetus created by TEPA, he stated.
Thierry Kenel, CFO of Swatch Group AG, expressed same optimism about India's long-term prospects. The premium watch company, which entered the Indian market 25 years ago, now offers 16 brands in the country and intends to expand gradually.
India has a sizable market. We're constantly evaluating how to develop each brand gradually, Kenel said.
Kenel described his conversation with Union Minister Piyush Goyal as "very good. "
According to the CEO of Ammann Group, his meeting with the Union Minister was quite positive.
We have a big production factory in Gujarat with a dual goal. We aim to provide the finest quality equipment for long-lasting, high-quality roads in India in the future. Also, equipment for exports to all neighboring countries.... So, it is intended for the Indian market as well as all potential export regions.
Speaking about the investments in India, he noted that many good things were now happening on a national scale. So very positive.
