Feb 7, 2024: India is on the brink of finalizing a substantial trade agreement that could potentially unlock FDI investments totaling $100 billion over the span of 15 years from select European nations. Citing insider sources, Bloomberg revealed that the European Free Trade Association (EFTA), comprising Norway, Iceland, Liechtenstein, and Switzerland, has pledged significant investments as part of the impending trade pact currently in its concluding negotiation stages.
According to the report, the envisaged investment from EFTA member states is poised to catalyze the creation of more than 1 million employment opportunities within India. The bulk of these investments will be directed towards both existing and upcoming manufacturing ventures, predominantly channeled through state-sponsored entities and private enterprises.
The proposed trade deal aims to facilitate market access for specific agricultural endeavors while also streamlining the mobility of Indian professionals to EFTA nations, Bloomberg further noted.
Despite Bloomberg’s report, the Indian Commerce Ministry refrained from immediate commentary on the matter, while EFTA officials opted to withhold any formal statements.
In a related development, India’s Information Technology Minister, Ashwini Vaishnaw, revealed earlier last month the nation’s ambition to attract $100 billion in annual foreign direct investment (FDI) within the coming years. This aspiration underscores India’s ongoing efforts to bolster its investment landscape and enhance economic prospects.
India has been successful in attracting FDI from diverse quarters, including the United Arab Emirates (UAE), which is contemplating a substantial investment of up to $50 billion in the nation. These developments signify a growing confidence in India’s economic trajectory and its attractiveness as an investment destination on the global stage.