India is on the verge of cementing a substantial trade agreement that could potentially yield investments amounting to $100 billion for 15 years from a select group of European nations.
The European Free Trade Association (EFTA), which is made up of Switzerland, Iceland, Norway, and Liechtenstein, is said to have made major commitments as part of an approaching trade agreement.
This anticipated investment from EFTA countries in India is poised to generate more than 1 million jobs. It is expected to predominantly target both existing and nascent manufacturing endeavours, with contributions expected from state-sponsored entities and private enterprises.
According to Bloomberg’s findings, the upcoming trade agreement seeks to expedite the flow of Indian specialists to EFTA nations and facilitate market access for specific agricultural efforts.
The Indian Commerce Ministry and EFTA have yet to provide an official comment on the matter.
Notably, Information Technology Minister Ashwini Vaishnaw disclosed last month that India is actively pursuing an annual Foreign Direct Investment (FDI) influx of $100 billion “in the next few years.” India’s attractiveness as an investment destination has drawn interest from various quarters, including the United Arab Emirates, contemplating potential investments of up to $50 billion in the country.