On 10 February, India and the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) took a significant step towards deepening their economic engagement with the launch of the EFTA Desk by Invest India. This dedicated resource is designed to help companies from the EFTA States prepare for the opportunities unlocked by the EFTA-India Trade and Economic Partnership Agreement (TEPA), signed on 10 March 2024.
The Desk will serve as a central point of contact for EFTA businesses looking to expand into India, addressing investor concerns and resolving issues that they may face, including providing support and guidance on expansions into new markets and maintaining a comprehensive database of investment opportunities.
While the TEPA has yet to formally enter into force, businesses across the four EFTA States are actively preparing for the new trade conditions, exploring investment opportunities, and strengthening commercial ties with Indian partners. This was evident this week, with more than a hundred of EFTA businesses visiting India to explore its opportunities, the result of deliberate efforts by the EFTA States to raise awareness of the TEPA’s benefits.
This rich interest by EFTA businesses aligns with the shared goals in the TEPA of investing USD 100 billion and creating 1 million jobs in India over the course of the next 15-20 years.
The economic ties between the four EFTA States and India hold immense potential. The EFTA industries excel in areas such as precision engineering, renewable energy, pharmaceuticals, and financial services—sectors that align with India’s growth ambitions and innovation-driven economy.
Quotes from high-level EFTA representatives:
Tomas Norvoll, Deputy Minister in The Norwegian Ministry of Trade, Industry and Fisheries:
“The opening of a dedicated EFTA Desk will be of great help to Norwegian companies that want to enter the Indian market and marks an important milestone in our joint efforts in making business and investment easier for businesses. The potential for more trade and investments is vast, and we believe the desk will help further unlock some of this potential by serving as a contact point that can help businesses get information more easily and address key business concerns.”
Martin Eyjólfsson, Permanent Secretary of State, Ministry of Foreign Affairs of Iceland:
"TEPA opens vast opportunities to expand our bilateral trade, paving the way for Icelandic companies to thrive in India’s dynamic market. From renewable energy to fisheries, the potential for collaboration is truly endless. It is now our shared responsibility to promote and facilitate trade and investment opportunities between our countries—a significant step in that direction being taken with the launch of the EFTA Desk here today."
Dominique Hasler, Minister of Foreign Affairs, Education and Sports of Liechtenstein:
“As small as Liechtenstein may seem in absolute terms in comparison to India, I am convinced that our companies will make a valuable and high quality contribution to the realization of India’s economic aspirations, be it for enhancing infrastructure, boosting manufacturing or fostering innovation and technology as well as a highly qualified workforce.”
Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland:
“The opening of the EFTA Desk by India and the impressive presence of EFTA companies in Delhi today show that the TEPA is more than just text and promises. We are fully committed to implementing the TEPA and bringing this win-win partnership to life.”
Resources
- EFTA-India Trade and Economic Partnership Agreement
- EFTA-India relations
- EFTA-India trade statistics
