India and Switzerland established a partnership agreement on migration and mobility, opted to enhance Swiss market access for Indian exports, and reached an agreement to strengthen cooperation in the fields of nuclear energy and defense after discussions between Prime Minister Narendra Modi and Swiss President Guy Parmelin.
Parmelin began his three-day visit to India this morning, marking his first official visit to the nation and his second for the year. He traveled to India to take part in the AI Impact Summit in February.
According to reports, Modi mentioned that a number of significant decisions were made to increase market access for Indian exports to Switzerland and to further promote investment between the two nations.
Switzerland serves as a significant economic partner for India within Europe. More than 330 Swiss firms are presently functioning in India across sectors like engineering, services, precision instruments, chemicals, and pharmaceuticals, while Indian firms operate in Switzerland in areas including IT, pharmaceuticals, and machinery.
The bilateral trade and investment relationships gained additional momentum with the enforcement in October of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) member nations Iceland, Liechtenstein, Norway, and Switzerland. Modi stated that the TEPA serves as an "ambitious framework" for investment, innovation, employment, and collective prosperity.
The prime minister identified innovation, infrastructure, and advanced technology as vital foundations of the India-Switzerland partnership, stating that both nations will provide engagement with a "new impetus".
He added that through these initiatives, we will collaboratively establish dependable supply chains and trustworthy solutions for the whole globe.
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PM Modi mentioned that both sides recognized "new opportunities" for collaboration in military exchanges and defense production, in addition to agreeing to enhance cooperation in nuclear energy.
The prime minister described the India-Switzerland collaboration in science and technology as a vital foundation of their relationship, announcing that new joint research initiatives in key domains like health, clean energy, and space will commence shortly. Modi highlighted the significance of people-to-people connections, describing it as "the greatest strength of the partnership."
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Modi stated that India and Switzerland uphold democratic principles, the rule of law, as well as dialogue and diplomacy, and both nations will persist in collaborating for global peace and stability.
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The prime minister also referenced the India-EFTA Prosperity Summit scheduled for Wednesday. This summit will serve as a significant venue to convert the potential of our trade and investment collaboration into tangible results, he stated. PM Modi also conveyed his warm regards to Switzerland for organizing the upcoming edition of the AI Summit next year.