India and Switzerland on Monday signed five agreements and agreed to deepen cooperation in trade, investment, defence, nuclear energy and infrastructure following talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin.
The agreements include a migration and mobility partnership, an exchange programme for young professionals and a pact to promote cooperation in transportation technologies, mobility systems and infrastructure development.
Parmelin began his three-day state visit to India on Monday. It is his first state visit to the country and his second visit this year after he attended the AI Impact Summit in February.
The two sides also agreed to expand market access for Indian exports to Switzerland and facilitate greater Swiss investment in India.
Modi said the move would boost exports of Indian agricultural products, pharmaceuticals, textiles and engineering goods while attracting Swiss investment in sectors including biotechnology, life sciences, banking, insurance, food processing and sustainability.
Switzerland is a major economic partner for India in Europe, with more than 330 Swiss companies operating in India across sectors such as engineering, services, precision instruments, chemicals and pharmaceuticals.
The Trade and Economic Partnership Agreement (TEPA) between India and the four EFTA states — Switzerland, Iceland, Liechtenstein and Norway — came into force in October. Modi described the pact as an "ambitious blueprint" for investment, innovation and jobs.
"Through this, we will realise our goals of USD100 billion in investment and one million direct jobs in India over the next 15 years," Modi said.
Parmelin said Switzerland hoped to conclude an investment protection agreement with India soon to further facilitate investment flows. He also stressed the importance of progress on intellectual property protection.
On infrastructure cooperation, Modi highlighted Swiss involvement in projects such as the ropeway in Varanasi, Jewar Airport in Noida and railway and tunnelling projects in hilly regions. He invited Swiss companies to participate in large-scale investments, capacity building, design and manufacturing in India.
The two leaders also discussed expanding military exchanges and defence production and agreed to deepen cooperation in nuclear energy. New joint research projects in health, clean energy and space are also expected to be launched, Modi said.
The migration and mobility agreement seeks to facilitate movement between the two countries while addressing irregular migration and human trafficking. It provides for multiple-entry visas of up to five years, with stays of up to six months per visit, as well as renewable one-year student permits.
Under the young professionals exchange scheme, up to 300 people from each country can participate annually, with the number potentially rising to 500. The programme is aimed at young people taking up temporary employment to develop professional and language skills.
The Ukraine conflict and the situation in West Asia also figured in the discussions. Modi said India and Switzerland supported meaningful efforts towards peace and backed reforms of global institutions to address emerging challenges.
The two sides also discussed artificial intelligence, with a focus on promoting innovative and equitable AI governance.
Parmelin said his visit marked the first anniversary of the implementation of TEPA and described the agreement as beneficial to both countries.
The Swiss president is accompanied by a large delegation of senior business leaders. The India-EFTA Prosperity Summit, scheduled for Wednesday, is expected to focus on translating the trade and investment partnership into concrete outcomes.
Modi also congratulated Switzerland on hosting the next Geneva AI Summit, saying both countries would work towards making AI "responsible, inclusive, and human-centric".
(With inputs from PTI)