Bern [Switzerland], June 11 : Swiss industry leaders have expressed confidence in India's market size and expanding business opportunities, adding that India-EFTA trade agreement will play a pivotal role in boosting investment and creating jobs.
Under the India-EFTA trade agreement, EFTA countries have committed an investment of USD 100 billion in 15 years. There would be lower to zero import duties on several Swiss and other products such as watches, chocolates, and cut and polished diamonds.
The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland.
Hans Christian Schneider, CEO of Amman Group, a sixth-generation privately-held company known for road construction machinery, said that he is very positive.
"I believe this is absolutely doable. We as a mid-sized company have invested in India over the last few years. When I see what has changed in the meantime in the framework conditions in India, and the attractiveness of the Indian market for FDI, for example, I'm very positive," Schneider said.
Schneider welcomed the growing momentum around the India-EFTA Trade and Economic Partnership Agreement (TEPA), noting that many previously hesitant Swiss companies are now engaging more actively with India through trade shows and investment forums.
"I think the Swiss are generally a bit reserved and risk-averse, but this agreement is pushing many to take India seriously," he said, calling the government's new "Invest in India" desk a potential game-changer for bilateral trade.
He also highlighted some challenges, including the need for stronger IP protection, equal opportunities for all players, and harmonization of industrial standards. "These technical hurdles need to be jointly addressed to fully leverage the momentum TEPA has generated," he added.
Thierry Kenel, CFO of Swatch Group AG, echoed similar optimism about India's long-term potential. The luxury watchmaker, which entered the Indian market 25 years ago, currently offers 16 brands in the country and is planning to expand its footprint gradually.
"India is a very big market. We are continuously evaluating how to grow each brand step by step," Kenel said.
On his meeting with Union Minister Piyush Goyal, Kenel, said it was a very good meeting.
CEO of Ammann Group also described his meeting with the Union Minister as "very good".
"We have a large manufacturing facility in Gujarat and our mission is twofold. We want to supply the highest quality equipment for long-lasting high-quality roads in the future in India. Also, machines for the exports to all surrounding countries....So, it is for the Indian market and for all the possible export markets as well."
Talking about the investments in India, he said, there are many positive things now coming at a national level. "So, super positive."
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