Large number of investors from EFTA bloc, Israel coming next week to explore biz opportunities

New Delhi, Feb 3 (PTI) A large contingent of investors from four European nation bloc EFTA and Israel are visiting India next week to explore business opportunities, Commerce and Industry Minister Piyush Goyal has said.

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

Visit of more than 100 investors from EFTA member countries assumes significance as it has signed a Trade and Economic Partnership Agreement (TEPA) with India on March 10, 2024.

Under the pact, India has received an investment commitment of USD 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 pact is expected to come into force by the end of this year.

Goyal said EFTA representatives are coming with over 100 investors. More than 200 investors are expected to visit from Israel. The three-day visit will start from February 10.

“Big companies are coming. People with interests in technology and setting manufacturing units (are coming),” he added.

The EFTA bloc committed an investment of USD 100 billion — USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years — which would facilitate the creation of 1 million direct jobs in India.

This is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so far.

EFTA countries are not part of the European Union (EU). It is an inter-governmental organisation for the promotion and intensification of free trade. It was founded as an alternative for states that did not wish to join the European community.

India is separately negotiating a comprehensive free trade agreement with the EU, the 27-nation bloc.

India-EFTA two-way trade was about USD 24 billion in 2023-24 against USD 18.65 billion in 2022-23. The trade gap is in the favour of the bloc.

Switzerland is the largest trading partner and investor in India followed by Norway in the bloc. India received USD 10.72 billion in foreign direct investment from Switzerland during April 2000 and September 2024.

On the other hand, bilateral trade between India and Israel has decreased to USD 6.53 billion in 2023-24 from USD 10.77 billion in 2022-23. India received USD 326.75 million on foreign direct investment from Israel during April 2000 and September 2024.