India and Switzerland signed five agreements on Monday to strengthen cooperation in professional mobility, trade, technology, infrastructure and research, as Prime Minister Narendra Modi and Swiss President Guy Parmelin explored opportunities to deepen ties in defence and nuclear energy.
The agreements came as both countries marked the first anniversary of the implementation of the Trade and Economic Partnership Agreement (TEPA), signed by India and the European Free Trade Association (EFTA), comprising Switzerland, Iceland, Norway and Liechtenstein.
Modi described TEPA as an ambitious framework for investment, innovation and job creation, targeting $100 billion in investments and one million jobs in India over 15 years.
He said the two countries had agreed to expand market access for Indian exports, particularly in agriculture, pharmaceuticals, textiles and engineering goods, while encouraging Swiss investments in biotechnology, life sciences, banking, insurance, food processing and sustainability.
Five agreements signed
The two countries signed five agreements covering key areas of bilateral cooperation:
MoU on Migration and Mobility Partnership (MMP) : An MoU to facilitate professional movement under equal-treatment principles, prevent irregular migration and human trafficking, provide multiple-entry visas for up to five years with stays of up to six months per visit, and allow renewable one-year student permits.
Agreement on the Exchange of Young Professionals (YPS) : An agreement for temporary employment exchanges to improve professional and language skills, covering 300 people annually from each country, with the possibility of increasing the number to 500. Nationality and residency verification will take 30 to 90 days.
Transport and infrastructure: An MoU on Promotion and Collaboration on Transportation Technologies, Mobility Systems and Infrastructure to promote collaboration in sustainable infrastructure development.
Research cooperation: A letter of intent to promote long-term collaboration between Department of Science and Technology (DST) and Swiss National Science Foundation (SNSF) to promote long-term cooperation between the Indian and Swiss research communities.
Innovation and entrepreneurship: An implementation arrangement to strengthen cooperation in innovation, technology transfer and entrepreneurship.
Focus on defence, nuclear energy and technology
PM Modi said both sides had identified new opportunities in military exchanges and defence production and agreed to deepen cooperation in nuclear energy. He also invited Swiss infrastructure companies to invest in India and contribute to capacity building, design and manufacturing.
Parmelin described the partnership as mutually beneficial, highlighting India’s access to Swiss capital and technology transfers and Switzerland’s opportunities in India’s growing market. He also stressed the need to conclude an investment protection agreement and make progress on intellectual property protection.
The leaders discussed the conflicts in Ukraine and West Asia, emphasising dialogue, diplomacy and global stability.
Switzerland is India’s largest trading partner within EFTA and its 15th-largest trading partner overall, with bilateral trade worth $25 billion. Around 340 Swiss companies operate in India, having invested $11 billion in pharmaceuticals, chemicals, precision engineering and advanced technology. Switzerland is also home to nearly 30,000 Indians, including students and professionals.