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India Extends Hand to Swiss Businesses with Proposal for Dedicated Enclave
- India offers a dedicated zone for Swiss businesses to foster a comfortable base in India.
- Swiss businesses are invited to partner in India's journey to become a $30-35 trillion economy by 2047.
- India emphasizes its democratic values, young population, and infrastructure development as key advantages for Swiss investment.
In a move aimed at strengthening economic ties and fostering collaboration, India's Commerce and Industry Minister Piyush Goyal proposed the creation of a 'Swiss Enclave' within India, designed to provide a familiar and supportive environment for Swiss enterprises seeking to establish a presence in the country. The proposal was made during Goyal's address to Swiss industry leaders and innovators at the Swissmem Industry Day in Switzerland.
Goyal extended a warm invitation to the Swiss business community, urging them to become active partners in India's ambitious journey towards becoming a $30-35 trillion economy by 2047. He emphasized India's transformative growth story and the vast opportunities for collaboration across various sectors.
"I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future", Goyal stated. "I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland".
Highlighting India's remarkable economic progress, Goyal noted the country's evolution from a $270 billion economy 30 years ago to a $4 trillion economy today. He expressed confidence in India's ability to achieve its ambitious goal of reaching $30-35 trillion as the nation approaches its 100th year of independence.
Goyal emphasized India's youthful demographic, with an average age of 28.4 years, and assured that the nation would remain young and vibrant for decades to come. He underscored the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination.
"Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner", he said.
Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a 'Trust and Efficiency Partnership', highlighting the mutual confidence and complementarity between the two regions. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation.
"I particularly invite Switzerland's SME sector to witness India's remarkable evolution over the last decade", Goyal stated. "This will give you the confidence we aspire for".
Goyal highlighted India's significant infrastructure development over the past decade, including the addition of 80 new airports, doubling of port capacity, and the construction of national highways and expressways comparable to those in Germany. He also noted the addition of 104 new inland waterways and the doubling of power generation capacity, with solar energy capacity growing 50 times.
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"The government's annual expenditure of over $125 billion on infrastructure creates a powerful multiplier effect for India's growth story", Goyal said.
Goyal also pointed out that India produces the highest number of STEM graduates globally, 43 per cent of whom are women. "This talent pool, combined with scale and speed, makes India an ideal investment destination", he remarked.
Citing World Bank data, Goyal noted that extreme poverty in India has fallen to just 5 per cent, down by 270 million people in the last 11 years, and is expected to be eliminated in the near future. He described India's growth model as a blend of welfare and consumption-led growth, backed by investments in manufacturing and technology.
"India today stands ready and willing to welcome global partners. We are a country on the move, full of opportunities", he added.
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