Dear Phil Reich
Ambassador Ivo Germann
Dear Nik
Members of SICC Board, Captains of Industry,
Ladies and Gentlemen,
Thank you Phil for inviting me today.
Heartiest congratulations to Swiss India Chambers of Commerce. and its members on the 40th anniversary of its founding.
Friends, India Swiss ties are in a sweet spot today. Our bilateral ties are getting stronger and deeper. Our leadership is meeting more frequently than ever before. Our trade and economic engagement is expanding.
Last month, my Commerce and Industries Minister, Mr. Piyush Goyal was in Switzerland to meet industry leaders here. He had a most productive Business Round Table with them on the margins of Swissmem Industry Day. And he rightly said TEPA signed between India and EFTA countries is not only Trade and Economic Partnership Agreement, but it is a “ Trust and Efficiency Partnership Agreement”.
TEPA will become operational in the next few months. Post TEPA signing, the level of confidence and trust our two businesses are showing in each other’s home markets is incredible and noteworthy.
We, at the same time, find ourselves at a crucial juncture in modern history. The challenges we see today—geopolitical disruptions, ongoing conflicts, and the impact of the US’s recent trade policies—are reshaping our world in ways not imagined even an year ago. As we navigate these uncertain waters, nations are thoughtfully recaliberating their roles, strategies, and future partnerships.
For India, our strength lies in our political stability and our vibrant democracy. This resilience provides a sense of security for foreign investors and partner countries, reassuring them of our commitment to uphold agreements and follow through on ambitious development plans. It is heartening to witness how this dedication helps foster trust and collaboration in such trying times.
As a beacon of stability, India stands at a place where our democratic institutions and economic reforms come together to foster a welcoming environment for businesses seeking to invest in new plants, factories, and technological hubs. Our government's vision is centered on making India a global manufacturing hub and a welcoming destination for foreign investment.
Recently, India became the world’s fourth-largest economy, surpassing Japan, and we are on a promising path to achieve third place by 2028. This strong growth is underpinned by greater investments in our ever expanding, demand driven infrastructure.
In the last financial year, India welcomed FDIs worth USD 81 billion, with key contributions from sectors such as Services and Computer Software & Hardware, which together represent 31%. Additionally, sectors like Trading and Telecommunications, each contributed 6%, and the Automobile Industry added 5%.
Switzerland has shown great support, as well, as our 12th largest FDI partner. I am happy that many of you present here have placed confidence in India growth story by establishing new production sites, offices, subsidiaries, and through acquisitions.
TEPA becomes a major tool to further harness the untapped potential in our economic engagement. TEPA highlights a meaningful shift toward a model that prioritizes balanced outcomes, investment-driven trade initiatives, and long-term, sustainable development. TEPA is not merely about accessing markets; it is about nurturing an enduring economic partnership that seeks to uplift all.
In addition to its trade efforts, India’s digital revolution has created a robust “backbone” that supports the delivery of essential social welfare and public services to its people. Remarkably, through innovative platforms like Aadhaar, UPI, and the Unified Health Interface, the nation has provided subsidized food grains to 815 million citizens, delivered free or significantly subsidized health services to 340 million, and extended micro-loans to 58 million small businesses.
This impressive digital infrastructure has also facilitated the construction of 40 million affordable homes over the past decade, positively impacting around 200 million low-income individuals. Alongside this, India has witnessed record advancements in airports, metro networks, highways, railway lines, and educational institutions. Such growth reflects a deep commitment to inclusive development, enhancing the ease of living, and creating an environment that encourages private investment.
Importantly, India’s physical infrastructure development is driven by demand, allowing loans to be available to private players on commercial terms rather than through government subsidies. This approach has led to high efficiency and quality at competitive costs, ensuring that progress benefits everyone.
At the same time, Switzerland has remained a beacon of peace and stability. You are a top-notch innovative economy. It is not an exaggeration that the Swiss franc is almost at par with Gold as safe haven asset.
There are complementarities in our two economies and we are all set to take the full advantage of the growing trust and confidence in each other to tread steadily on growth path.
I conclude by resonating the message of Minister Goyal inviting Indian and Swiss companies to explore new opportunities for business and investment expansion in each other’s economies.
SICC has played a pivotal role in promoting our mutually beneficial economic and business ties. It has been instrumental in establishing a solid framework for dialogue, collaboration and partnership among business enterprises in our two countries. Congratulations once again SICC on your 40th anniversary and best wishes for all future endeavours.
Thank you.
