Union Commerce and Industry Minister Piyush Goyal has said that India remains a key destination for overseas investments and is likely to attract $100 billion in foreign direct investments (FDIs) from the four-nation European bloc EFTA. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Goyal also emphasised the need to stay competitive. Earlier, he said the free trade agreement between India and the EFTA will be implemented from October 1. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.

He said ‘My calculation, or my gut sense, is that $100 billion FDI, along with Indian promoter equity, when they come into your companies, it will catalyse to at least $500 billion investment in India into brownfield or greenfield’. He said the FDI commitment would also create a million direct jobs in the coming years, and help technology and innovation through Swiss SMEs entering Indian markets.

Citing a game-changing initiative, he said that the Cabinet has sanctioned Rs 1 lakh crore towards an innovation fund to drive R&D in the country. He noted ‘It can be given out to all of you or any company willing to do it in research and development in the form of a grant, in the form of a low-cost loan, interest-free loan, or term loan’. Recognising the key role of MSMEs, he stressed the need for enabling these enterprises with access to global markets, modern technology, and affordable capital. With 2.4 million STEM graduates annually, including 43 per cent women, India is well-positioned to scale up its manufacturing and innovation capabilities.

On the social security pact with the UK, he said India has successfully negotiated a social security agreement with the UK, enabling Indian professionals on short-term UK work visas (up to 3 years) to contribute to their Indian EPF accounts rather than losing 25 per cent of their overseas earnings in UK social security contributions. On the government's Bharat Mart initiative, he said there are plans to replicate a similar model for Indian MSMEs, particularly leveraging Mumbai's strategic and financial advantage, with government support and incentives promised.