India looks at USD 250 bn investments from EFTA nations: Goyal

New Delhi, Oct 1 (PTI) India will not only attract USD 100 billion committed investments from the four-nation EFTA bloc under a trade agreement, but also look at an additional USD 150 billion, Commerce and Industry Minister Piyush Goyal said on Wednesday.

He said that huge opportunities are there for companies from these four countries to invest in India.

Under the India-EFTA trade and economic partnership agreement (TEPA), New Delhi has received a commitment of USD 100 billion FDI from EFTA over the next 15 years.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The pact was signed on March 10, 2024.

"We have also got a promise from (Swiss State Secretary for Economic Affairs) Helene for another USD 150 billion after we finalise the data exclusivity in our IP (intellectual property) laws, which I am working towards. So, effectively, we have to get USD 250 billion from the EFTA region," he said.

The minister was speaking at a function to announce the implementation of TEPA from Wednesday. Swiss State Secretary for Economic Affairs Helene Budliger Artieda was present at the event.

Data exclusivity provides protection to the technical data generated by innovator companies to prove the usefulness of their products. In the pharmaceutical sector, drug companies generate data through expensive global clinical trials to prove the efficacy and safety of their new medicine.

By gaining exclusive rights over this data, innovator companies can prevent their competitors from obtaining a marketing licence for low-cost versions during the tenure of this exclusivity.

The four-nation EFTA bloc had sought data exclusivity in the trade agreement negotiations with India.

When asked about the USD 150 billion investments, Goyal said, "We will not only attract the committed USD 100 billion investments, but we are hoping to attract much more than that".

He said that Switzerland and the UK were always considered the most difficult countries to work in IP and the laws around it.

Somehow, there was a lack of trust for decades between these European countries and India on IP issues, he said.

"I am happy to share with you that we have built that trust by having a very robust IP chapter in EFTA, with free trade agreement with the UK and will have a chapter on this with the EU...we are confident that given the robust IP laws and enforcement in India and the plans to make them even stronger in the future, we will not only attract the committed USD 100 billion investments, but we are hoping to attract much more than that," Goyal told reporters here.

"It is a great day today as TEPA has come into effect from today." India is fast engaging with the developed world as it has signed trade pacts with the UAE, UK and Australia, he said.

With the UK, he said, it was signed in July and the pact is in the process of ratification in Britain, "and will probably come into effect sometime next year".

He described TEPA as a beacon of stability and certainty amid global trade volatility, ambiguity and disruption.

The imposition of high tariffs on a number of countries by the US has disrupted global trade.

The minister underlined the wide-ranging opportunities opened by the agreement in diverse areas, including life sciences, clean energy, precision engineering and food processing, technology, artificial intelligence, accountancy and nursing, education, audio-visual services, culture, tourism and recreation, and geothermal energy.

Goyal pointed out that the high price-to-earnings ratio of companies like Nestle India and ABB India reflects the immense potential and confidence of markets in India's future growth.

Inviting businesses from EFTA nations, Goyal assured them of India's open, transparent and investor-friendly environment, with 100 per cent FDI allowed in almost all sectors of interest.

The minister affirmed that the government is committed to ensuring smoother, faster and more efficient pathways for investors.

Artieda said that this agreement is more than a legal document.

"It is a win-win partnership for our countries. The strong presence of companies from Switzerland and other EFTA countries at today's prosperity summit speaks for itself. These businesses are here because they believe in India and are ready to use the Trade and Economic Partnership Agreement," she said.

The implementation of the TEPA would be through laying sector roadmaps and deepening exports in engineering, pharma and med-tech, food processing, textiles/apparel and marine sectors.

There would be outreach efforts for MSME onboarding with matchmaking and skills modules on quality, packaging and sustainability for tangible outcomes. PTI RR BAL BAL BAL