Switzerland eyes Indian investment
Switzerland has made a strong bid to attract foreign investment from India’s private sector, reports Lalatendu Mishra.business Updated: Dec 11, 2007 21:45 IST
With India gradually emerging a global economic powerhouse and many Indian companies aggressively perusing global acquisitions, Switzerland has made a strong bid to attract foreign investment from India’s private sector.
Twenty-four Indian companies, including Tata AG, Birla AG, Ramco, Infosys, Wipro, TCS, Divi’s Laboratories, Amas Bank, Preroy AG, Dr. Reddy’s, Neillsoft and Glenmark have already set up base in Switzerland.
“We are looking for investment from 60 Indian companies, mainly in pharma, oil, commodities, automobile and IT. We want these companies to invest in Switzerland in next four years,” said Dominique Dreyer, Swiss Ambassador to India.
Switzerland has already identified India as a country of high priority in its long-term economic strategy. The European nation is also offering sops to Indian companies to invest there.
“India is of high priority for us. The Indo-Swiss Joint Economic Commission meeting will henceforth be held every year instead of once in three to four years,” Dreyer said adding, “Switzerland is looking for Free Trade Agreement with India.”
According to Swiss government officials, global industry leaders prefer Switzerland because of the country’s economic policy, tax advantages, best environment and business orientation and Indian companies could get these benefits. Apart From India, the Swiss are also wooing investment from United States, China, Japan, Belgium, Netherlands, Finland senior government official said.
Swiss companies are also planning to tap business opportunities in India.
They are looking for investment options in textile, telecom, auto, precisions engineering. As per the latest FDI statistics Switzerland is now ranked as 9th largest foreign investor in India.
The Swiss direct investment in the first four months of this fiscal has exceeded the total figure of last two yeas.
The bilateral trade between the two countries continues is growing steadily and is set to touch CHF 3 billion mark in 2007, for the first time.