India is on the verge of sealing a significant trade agreement that could usher in a wave of investments from a select group of European nations, amounting to a staggering $100 billion over the span of 15 years. The European Free Trade Association (EFTA), comprised of Norway, Iceland, Liechtenstein, and Switzerland, is poised to inject this capital into India, marking a pivotal moment in their economic partnership.
According to Bloomberg’s sources familiar with the matter, this commitment is part of a broader trade pact currently in its final stages of negotiation. The infusion of funds from EFTA countries is projected to generate over 1 million jobs within India. The report indicates that these investments will be directed towards both existing and new manufacturing ventures, predominantly spearheaded by state-sponsored organizations and private enterprises.
The impending trade deal is expected to facilitate market access for certain agricultural initiatives and streamline the mobility of Indian professionals to EFTA nations. While the Indian Commerce Ministry has yet to comment on these developments, EFTA has opted to refrain from providing any official statement at this time.
This news comes on the heels of a recent announcement by India’s Information Technology Minister, Ashwini Vaishnaw, who outlined the country’s ambitious goal of attracting $100 billion in annual foreign direct investment (FDI) in the coming years. India has been actively courting investments from various quarters, with the United Arab Emirates also contemplating a substantial investment of up to $50 billion in the country.
(Source: India Briefing | Economic Times | Reuters | Bloomberg)
