India is close to finalizing a trade deal that could bring significant investments from a select group of European nations, potentially totaling $100 billion over 15 years, Bloomberg reported.
According to sources familiar with the matter, the European Free Trade Association (EFTA), made up of Norway, Iceland, Liechtenstein and Switzerland, has made commitments as part of this trade pact.
The proposed investment by the EFTA countries is expected to generate more than 1 million jobs in India. These investments would primarily be directed toward new and existing manufacturing projects, with contributions coming from both state-sponsored organizations and private companies.
As part of the trade agreement, provisions will be made for market access for certain agricultural projects and will facilitate smoother movement of Indian professionals to EFTA countries.
It should be noted that the Ministry of Trade and EFTA have not issued an official statement related to the matter.
Last month, Union Minister for Communications, Electronics and Information Technology Ashwini Vaishnaw revealed to news agency Reuters that India is targeting $100 billion in annual foreign direct investment (FDI) in the next few years. .
India has been attracting investments from several countries, including the United Arab Emirates, which is contemplating investing up to $50 billion in the country.