Switzerland’s state secretary for economic affairs, Helene Budliger Artieda, has said a good regulatory framework and cuts in red tape in India are important to attract Swiss investments. She said businesses here have raised concerns about bureaucratic hurdles.

India and the four European nation-bloc EFTA have signed a free trade agreement on March 10, 2024, which is expected to come into force from October 1.

Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland.

She said for $100 billion investments, “we need to have the best framework conditions and this was part of the business roundtable meeting in the presence of minister Piyush Goyal”.

“That will be important, that red tape will be cut as much as possible. Even in Switzerland, companies always complain that there is too much red tape. It will be very important that India creates a good framework for Swiss investments to come in,” she told reporters here after meeting Goyal on June 10.

The Indian commerce minister was here on a two-day official visit to meet businesses to attract investments into India.

In 2024-25, India’s imports from the EFTA bloc increased to $22.5 billion from $22 billion in 2023-24. Exports stood at $1.96 billion in the last fiscal year, up from $1.94 billion in 2023-24.

Switzerland is the largest trading partner of India in the bloc, followed by Norway.

Goyal hopeful

World trade is facing severe geo-political challenges, but India has consistently emerged as a winner in such times and the country’s exports of goods and services will certainly cross $825 billion in 2025-26, commerce minister Piyush Goyal said in Bern.

Despite global economic uncertainties amid rising geopolitical tensions, the country’s overall exports touched an all-time high of $825 billion against $778 billion in 2023-24.

Apex exporters’ body Fieo has projected that the country’s overall goods and services exports are expected to grow by 21 per cent year-on-year to $1 trillion during 2025-26.

Free trade agreements with countries such as the UAE, Australia and European Free Trade Association (EFTA) will also help boost exports in the coming months.