"TEPA between India and EFTA: From Agreement to Action" University of Liechtenstein, Vaduz
Monday, 3 November 2025
Remarks by Ambassador
Your Excellency Ms. Sabine Monauni, Deputy Prime Minister and Foreign Minister of Liechtenstein,
Senior Government Officials,
Ms Deepti Sharma and other Representatives of Swiss Global Enterprise, Captains of Industry and members of Academia,
Ladies and Gentlemen,
Namaste, Grüezi, and Good Afternoon,
Thank you to the Liechtenstein government for inviting me to share my thoughts on today’s important subject.
It has been my privilege to work as India’s Ambassador to Switzerland and Lichtenstein for the past two and a half years. During this period, our bilateral ties have strengthened immensely scaling unprecedented new heights, to speak a mountaineer jargon. Friends,
Our two leaderships have met more often than ever before. From 1993, when we first established diplomatic relations, until 2024, there was not a single visit at the Foreign Minister level. But in just the past two years, we have had four such visits. That clearly shows new energy and a strong desire on both sides to strengthen our friendship and expand our cooperation.
Our trade and economic ties are growing fast too. So, it is truly a time to celebrate.
India, in particular, has a lot to celebrate right now. Yesterday, our women’s cricket team won the Cricket World Cup for the first time, defeating South Africa. And our space agency, ISRO, successfully launched its heaviest communication satellite — weighing 4,410 kilograms. The signing of the TEPA between India and the EFTA countries in March last year is another milestone. It is not just a Trade and Economic Partnership Agreement — as our Commerce and Industry Minister Mr. Piyush Goyal said, it is also a “Trust and Efficiency Partnership Agreement.”
The smooth start of TEPA on October 1 this year shows how well our people, industries, and governments are working together. The confidence and trust between our businesses are truly inspiring.
Now, let us take a quick look at the world around us.
We all know that today’s world is full of challenges — geopolitical tensions, ongoing conflicts, and the effects of changing trade policies, especially from the US. These are reshaping the global landscape faster than anyone expected.
Trade has almost become another kind of competition. Cooperation is being replaced by rivalry, and countries are trying to protect their own interests, sometimes at the cost of others. The global order is being tested, and nations are rethinking their roles and partnerships.
At the same time, we are seeing a major shift in the world’s economic gravity — it is moving toward Asia and the Global South. By 2028, three of the world’s four largest economies will be in Asia, and four of the top six will be Asian.
India is already the fourth-largest economy, and we are on track to become the third-largest by 2028.
India’s approach to this global change is guided by the ancient principle of Vasudhaiva Kutumbakam — meaning “the world is one family.” We believe in working with trusted partners, based on respect, shared values, and complementary strengths.
TEPA is a perfect example of this approach. It shows that India and EFTA are committed to open trade, sustainable development, and value-based cooperation built on mutual trust and innovation.
The Essence of TEPA
TEPA is much more than a trade agreement. It is a comprehensive framework to create shared prosperity through trade, investment, and job creation.
For India, it opens new opportunities to combine our growing industrial and service strengths with EFTA’s excellence in precision manufacturing, advanced engineering, finance, and technology.
India offers stability, a strong democracy, a young workforce, and a commitment to reform. These give investors and partners confidence that India is a reliable and forward-looking place to do business.
India’s Economic Transformation
Our government’s vision is clear — to make India a global manufacturing hub and an attractive destination for foreign investment. Initiatives like Make in India, Digital India, and Start-up India are driving this transformation.
The results speak for themselves. FDI inflows have crossed one trillion US dollars since 2000. For FY 2024-25, India recorded US$81 billion in FDI — a strong sign of global trust in India’s economic potential.
Under Prime Minister Narendra Modi’s leadership, we are building modern infrastructure at an unprecedented scale. Projects like Bharatmala, Sagarmala, and the PM Gati Shakti National Master Plan are connecting our factories, farms, and markets through world-class roads, ports, and logistics networks.
Our railways are being modernized with electrification and high-speed freight corridors. New expressways are connecting industrial hubs directly to ports and airports, reducing transport costs and boosting trade efficiency.
Our ports, shipping systems, and airports are being upgraded with digital tracking and expanded cargo capacity. With these developments, India is becoming a key link between Asia, Africa, and Europe — a natural hub for global supply chains.
Opportunities for Partnership
The National Industrial Corridor Development Corporation is building 11 major industrial corridors across India. These provide ready-to-use land, world-class infrastructure, and strong digital connectivity — ideal for joint ventures and R&D centers.
For investors from Switzerland and Liechtenstein, these are perfect locations for advanced manufacturing, research, and innovation. Together, we can combine your precision and technology with India’s scale, skills, and cost competitiveness — producing high-quality products for global markets.
India is also transforming its financial landscape. The GIFT City — Gujarat International Finance Tec-City — offers a globally aligned regulatory environment, zero capital gains tax on specific instruments, and full foreign ownership in key sectors.
This creates great opportunities for Swiss and Liechtenstein companies in finance, green investment, and fintech innovation.
With tax reforms like the Goods and Services Tax, the Insolvency and Bankruptcy Code, and corporate tax modernization, India has become one of the world’s most competitive business destinations.
Digital systems now make investment and trade processes simpler, faster, and more transparent.
Innovation and Knowledge Exchange
Innovation is now at the heart of India’s growth story.
With over 150,000 start-ups and more than 110 unicorns, India has one of the world’s most vibrant start-up ecosystems. Switzerland and Liechtenstein, with their strong R&D culture and private sector innovation, are ideal partners for co-innovation in areas like renewable energy, AI, biotech, and sustainable infrastructure.
Our universities can also collaborate through joint research, exchange programs, and innovation hubs — building a partnership that goes beyond economics to education and shared knowledge.
Under TEPA, professionals from both sides can move more easily — engineers, scientists, and experts working across borders. This will help exchange ideas, build skills, and create global solutions together.
Closing
Friends,
The opportunities before us are immense. Let us seize this moment to deepen our cooperation and turn TEPA into a living partnership — one that delivers real growth, innovation, and prosperity for both sides.
Through this platform, I invite companies from Liechtenstein to invest in India, to work with us, and to become part of our growth story.
Together, let us build a partnership based on trust, innovation, and shared success — one that sets a model for the world.
Thank you once again for organizing this wonderful event. I look forward to our discussions and to an even stronger partnership ahead.
