India to Attract USD 100 Billion FDI from EFTA

New Delhi, Jul 30 (PTI) Events such as roadshows and sector-specific business roundtables will be conducted to attract USD 100 billion foreign direct investment from EFTA under a trade pact signed between the two sides, Parliament was informed on Tuesday.

In March, India and four-nation bloc European Free Trade Association (EFTA) signed a Trade and Economic Partnership Agreement (TEPA).

Under the pact, India will receive the investment in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

In a written reply to a question in Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said activities have been identified to attract and facilitate USD 100 billion foreign direct investment (FDI) and ensure it contributes to the creation of 10 lakh direct jobs in the country.

"To ensure that EFTA countries meet their commitment of USD 100 billion FDI to India, under TEPA, cooperation between the two sides is envisaged to conduct high-level government-to-government meetings, stakeholder engagement and consultations, thematic exchanges, roadshows, sector-specific business roundtables, and other investment promotion events," he said.

The activities include regular economic and scientific missions with high-ranking delegations; annual high-level meetings between individual EFTA states and India with the participation of the private sector; regular investment promotion events, such as, at the World Economic Forum with participation of the private sector; sector-specific business roundtables; roadshows in India and in the different EFTA states.

The agreement has not yet been implemented.

"Government-to-Government and Government-to-Business meetings are being organised at the highest levels to work towards the next steps on the implementation of TEPA," he said.

The minister added that regular business-to-business meetings are also being encouraged for forging partnerships with companies from the EFTA nations.

Prasada also said that to address quality standards and contamination issues in Indian spice exports to maintain international trade relationships, Spices Board of India has established eight quality evaluation laboratories (QEL) across major production/ exporting centers - Cochin, Mumbai, Guntur, Chennai, Delhi, Tuticorin, Kandla and Kolkata.

The export consignments are screened for known and emerging quality and safety concerns including toxins, contaminants, and residues.

Further, assistance is provided to stakeholders for post-harvest improvement of spices, setting up of in-house laboratories for testing the quality and safety parameters across various stages of the supply chain.

On India and the UK free trade agreement (FTA), he informed that both sides are engaged in working out a trade deal that is fair, equitable, balanced and mutually beneficial, which takes into consideration the ambitions and sensitivities of both sides.