CIM Piyush Goyal visits Switzerland, Sweden to enhance trade ties

Commerce Minister Piyush Goyal’s visits to Switzerland and Sweden focused on advancing trade, investment, and innovation. Key highlights included operationalising the India-EFTA TEPA deal, attracting Swiss investments, and deepening cooperation with Sweden in clean energy, healthcare, and digital technology.

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Union Commerce and Industry Minister Shri Piyush Goyal recently concluded a successful two-day official visit to Switzerland (June 9–10, 2025) and began his engagements in Sweden. The Switzerland visit was centered around strengthening economic ties and advancing the implementation of the Trade and Economic Partnership Agreement (TEPA) signed earlier this year between India and the European Free Trade Association (EFTA).

During his time in Switzerland, Shri Goyal held constructive meetings with top Swiss government and industry leaders, including Federal Councillor Guy Parmelin and State Secretary Helene Budliger Artieda. The discussions covered a wide array of areas such as regulatory cooperation, skills development, innovation partnerships, and enabling quicker investment decisions.

He met with business leaders across sectors like biotechnology, pharmaceuticals, healthcare, defence, and precision engineering. Shri Goyal emphasized India’s policy stability, infrastructure expansion, and growing domestic consumption base, positioning it as a key destination for investment and global manufacturing.

A notable highlight was his participation in the 18th Swissmem Industry Day in Zurich on June 10. Addressing an audience of over 1,000 European industry participants, Shri Goyal invited Swiss companies—particularly SMEs and technology-driven enterprises—to invest in India and leverage TEPA. Referring to TEPA as a “Trust and Efficiency Partnership Agreement,” he underlined the complementary strengths of both nations and the shared opportunity to serve global markets.

The Minister’s visit also demonstrated India’s responsiveness to investor needs. Endress+Hauser, a process automation company, flagged a concern regarding land availability near their Maharashtra facility. Within hours, the issue was resolved through coordinated efforts, earning praise from the industry for effective governance.

Shri Goyal also met with other Swiss companies exploring expansion in India. These discussions focused on R&D centres, localisation, skill-building, and MSME collaboration, with strong interest in clean technology, healthcare, and advanced manufacturing. Accompanied by delegations from ASSOCHAM, CII, and FICCI, the visit reflected India’s unified approach to international economic engagement.

In his meeting with members of the Switzerland Chapter of ICAI, Shri Goyal acknowledged their role in enhancing India’s reputation in global finance and governance.

The visit concluded on a promising note, with both sides expressing strong confidence in expanding bilateral trade and investment. With TEPA as a foundation, India and Switzerland are set to unlock new opportunities through collaboration and innovation.

In Sweden, Shri Goyal co-chaired the 21st Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with Minister Benjamin Dousa. He held fruitful discussions with Mr. Dousa and State Secretary Håkan Jevrell on strengthening ties in clean energy, healthcare, digital technologies, and skill development.

Addressing the India-Sweden Business Leaders’ Roundtable (ISBLRT), hosted by Marcus Wallenberg, Shri Goyal said, “Envisioned by the leadership of India and Sweden in 2016, ISBLRT has since emerged as a cornerstone platform for bringing together business leaders from both nations to foster collaboration in trade, innovation, and investment.” He added, “Today’s discussions were constructive and forward-looking. Emphasised the need to build partnerships grounded in shared innovation, technological progress, and mutual prosperity.”

He also highlighted the immense collaboration potential, noting the presence of over 280 Swedish companies in India and more than 80 Indian companies in Sweden.