India–Switzerland Talks Put $100-Billion Investment Goal, AI and Ukraine in Focus

India and Switzerland sought to turn their year-old trade pact into stronger investment and export opportunities on Monday, with Prime Minister Narendra Modi and Swiss President Guy Parmelin putting the agreement’s $100-billion investment goal at the centre of talks in New Delhi.

The discussions also covered cooperation ahead of the 2027 AI summit in Geneva, the war in Ukraine and reform of multilateral institutions, as Parmelin began a three-day State visit accompanied by senior officials and business executives.

Both leaders backed the India–European Free Trade Association Trade and Economic Partnership Agreement (TEPA), which entered into force in October 2025. Parmelin said corporate interest had been strong, while Modi outlined plans to widen market access for Indian goods and attract Swiss investment across key sectors.

THE $100-BILLION AMBITION

Under TEPA, the four EFTA countries—Switzerland, Norway, Iceland and Liechtenstein—have committed to facilitating $100 billion in investment in India over 15 years, with the potential to generate 10 lakh direct jobs.

The figures represent the agreement’s long-term ambition, rather than investment already received or jobs already created.

Modi described the pact as an “ambitious blueprint of investment, innovation, jobs and mutual prosperity”, noting that it was India’s first free trade agreement with a European economic bloc.

Parmelin, in an interview with ANI, gave a positive assessment of its first year.

“I assess the implementation of the agreement very positively. Interest by companies in the TEPA has been very strong since it entered into force,” he said. He expected the agreement to significantly increase bilateral trade in the years ahead and encourage a deeper economic relationship built on long-term investment, employment and innovation.

MORE ROOM FOR INDIAN EXPORTS, SWISS CAPITAL

Modi said the two sides had taken decisions to improve access for Indian exports in Switzerland and facilitate investment between the countries.

He identified agriculture, pharmaceuticals, textiles and engineering goods as Indian sectors expected to benefit. Switzerland, meanwhile, could expand investment in biotechnology, life sciences, banking, insurance, food processing and sustainability.

Parmelin said the two economies brought complementary strengths to the relationship: Swiss companies offered specialised technologies, innovation and patient capital, while India offered scale, skilled workers and an expanding role in global value chains.

Swiss companies had made or planned investments in transportation and logistics, financial services, manufacturing, pharmaceuticals and biotechnology, and technology and electronics, he said.

More than 150 investment-promotion activities undertaken by Switzerland and other EFTA countries since 2024 had supported that effort, Parmelin added.

FROM NEW DELHI TO GENEVA: THE AI AGENDA

Artificial intelligence emerged as another area of cooperation, with Switzerland preparing to host the next global AI summit in Geneva in June 2027.

Parmelin described India as a key partner in ensuring continuity with the AI Impact Summit held in New Delhi earlier this year. He praised India’s efforts to bring developing countries into global technology discussions.

“India has demonstrated exceptional leadership in amplifying underrepresented voices in global technology discussions, especially from the Global South,” he said.

Switzerland would build on that approach through initiatives including the International Computation and AI Network, which seeks to widen access to technological benefits, knowledge sharing and AI research, Parmelin said.

The Swiss President added that preparations were underway to refine the Geneva summit’s themes and determine how cooperation with partner countries would be structured.

The New Delhi summit concluded with the adoption of the New Delhi Declaration on AI Impact, endorsed by 88 countries and international organisations. It called for AI’s benefits to be shared equitably and for greater international cooperation while respecting national sovereignty.

UKRAINE AND UN REFORMS ON THE TABLE

The leaders also discussed international conflicts and the role of diplomacy in an increasingly fragmented world.

“The numerous hotspots of conflict, notably the war in Ukraine, were also subjects of discussion,” Parmelin said at the joint press briefing.

He said the talks covered the United Nations, multilateral reforms and Geneva’s role as a platform for international diplomacy. He also noted convergence between India and Switzerland on several global issues.

“Considering the growing fragmentation, Switzerland values India’s commitment to dialogue and cooperation, as well as its active engagement in international forums,” he said.

Parmelin highlighted civil society, academia and the media as important elements of the democratic values shared by the two countries. He said officials had been instructed to work quickly and intensively on outstanding bilateral issues.

A VISIT BUILT AROUND THE NEXT PHASE

According to the Ministry of External Affairs, this is Parmelin’s first State visit to India and his second trip to the country this year, following his participation in the February AI summit.

He is also scheduled to meet President Droupadi Murmu, who will host a banquet in his honour, and attend the second India–EFTA Prosperity Summit on October 7.

The visit places the focus on implementation: converting business interest into investment, opening markets for exporters and carrying the AI cooperation agenda from New Delhi to Geneva.

With inputs from ANI