Latest news with #HeleneBudligerArtieda
Time of India
2 days ago
- Business
- Time of India
'Cutting red tape in India key to Swiss investments': Helene Budliger Artieda
Bern: A good regulatory framework and cut in red tape in India is important to attract Swiss investments, Switzerland's state secretary for economic affairs Helene Budliger Artieda has said. She also ruled out any impact of the withdrawal of most favoured nation treatment for India by Switzerland under the bilateral tax treaty on investment flows under the trade agreement with European Free Trade Association (EFTA). "We need to have the best framework conditions (for the $100 billion commitment on investment) and this was part of the business roundtable meeting in the presence of minister Goyal. It will be important that red tape be cut as much as possible," she said. Even in Switzerland, companies complain about too much red tape, she added. "It will be very important that India creates a good framework for Swiss investments to come in," she told reporters after her meeting with commerce and industry minister Piyush Goyal on Tuesday. Live Events India and the EFTA, which includes Switzerland, Norway, Iceland and Liechtenstein, signed a free trade agreement on March 10, 2024, which is expected to come into force in a few months. It provides for an investment commitment of $100 billion in 15 years from the grouping in lieu of customs duty concessions. Goyal is on a four-day visit to Switzerland and Sweden. On the issue of the Swiss government suspending the MFN clause in the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland, Artieda said there has been some misunderstanding on this. "I think it's important to know that both India and Switzerland share a double taxation treaty and that treaty is valid and that means there will not be any issue," she said. In a statement in December 2024, the Swiss government announced the suspension of the MFN clause in the DTAA between India and Switzerland, potentially impacting Swiss investments in India and leading to higher taxes on Indian companies operating in the European nation. She noted that the trade agreement will help increase exports of Swiss watches and chocolates to India as companies will have the advantage of preferred access. New Delhi is also in talks with the European Union for a comprehensive free trade agreement. (The correspondent is in Switzerland at the invitation of the ministry of commerce and industry.)
Time of India
2 days ago
- Business
- Time of India
India needs better regulatory framework to attract investments: Swiss diplomat
Switzerland's State Secretary for Economic Affairs Helene Budliger Artieda has said a good regulatory framework and cut in red tape in India is important to attract Swiss investments. She said businesses here have raised concerns about bureaucratic hurdles. India and the four European nation bloc EFTA has signed a free trade agreement on March 10, 2024, which is expected to come into force from October 1. Under the pact, India has received an investment commitment of USD 100 billion 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. Also Read: India is a preferred place for Swiss businesses: State Secretary for Economic Affairs Live Events The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. She said for USD 100 billion investments, "we need to have the best framework conditions and this was part of the business roundtable meeting in the presence of Minister Goyal". "That will be important that red tape will be cut as much as possible. Even in Switzerland, companies always complain that there is too much red tape. It will be very important that India creates a good framework for Swiss investments to come in," she told reporters here after meeting Goyal on June 10. The Indian minister was here on a two-day official visit to meet businesses to attract investments into India. On the issue of Swiss government suspending the most favoured nation (MFN) status clause in the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland, Artieda said there has been some misunderstanding on this. "But it really has no connection whatsoever... I think it's important to know that both India and Switzerland share a double taxation treaty and that treaty is valid and that means there will not be any issue," she said. In a statement in December 2024, the Swiss government announced the suspension of the MFN clause in the DTAA between India and Switzerland, potentially impacting Swiss investments in India and leading to higher taxes on Indian companies operating in the European nation. She also said implementation of the trade agreement will help increase exports of Swiss watches and chocolates in India. Also Read: Govt may help MSMEs register products abroad: Piyush Goyal Swiss companies will have the advantage of preferred access to markets in India for both watches and chocolates due to this pact. Further she added that Switzerland is confident of achieving the USD 100 billion investment commitment in 15 years in India. "I am very confident we will achieve that," she said. India-EFTA two-way trade was USD 18.65 billion in 2022-23 (of this, USD 17.14 billion with Switzerland) compared to USD 27.23 billion in 2021-22. The trade deficit was USD 14.8 billion in the last fiscal year. In 2024-25, India's imports from EFTA bloc increased to USD 22.5 billion from USD 22 billion in 2023-24. Exports stood at USD 1.96 billion in the last fiscal year, up from USD 1.94 billion in 2023-24. Switzerland is the largest trading partner of India in the bloc, followed by Norway. EFTA countries are not part of the European Union (EU). It is an inter-governmental organisation for the promotion and intensification of free trade. It was founded as an alternative for states that did not wish to join the European community. India is negotiating a comprehensive free trade agreement separately with the EU -- the 27-nation bloc. India has received about USD 10.83 billion in foreign direct investments (FDI) from Switzerland between April 2000 and March 2025. It is the 12th largest investor in India. The FDI inflow was USD 931.88 million from Norway, USD 29.41 million from Iceland and USD 105.93 million from Liechtenstein during the period.
Time of India
2 days ago
- Business
- Time of India
India is a preferred place for Swiss businesses: State Secretary for Economic Affairs
Helene Budliger Artieda , State Secretary for Economic Affairs, Switzerland, on Tuesday said India is a preferred place for Swiss industry, as she highlighted India's huge consumer base, firm economic growth, and being a democracy. "We certainly see India as a preferred place for our industry because you are a democracy that helps. We feel united in values. You are an excellent consumer base. You have excellent growth," she told reporters at a press conference during Commerce Minister Piyush Goyal's two-day Switzerland visit. "We really like to have a good relationship with as many markets as we can, but we do believe in the potential of India," Helene Budliger Artieda said. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like NRI in Saudi Arabia? Invest ₹18K/Month & Secure ₹2Cr for Your Kid's College Future! Click Here Undo She said she is impressed with the Indian government's efforts to improve the lives of its people and alleviate poverty. "Minister Goyal this morning spoke about on how much people have been able to be lifted out of poverty and actually join the middle class in India, and those are exactly the consumers we hope that at one point they will eat Swiss chocolate or buy a Swiss watch, and you know, a Swiss watch you have of course the very expensive ones, but then you have also those that are equally good in quality but more affordable," she supplemented. Live Events EFTA trade deal has currently been ratified by three of the four members - Liechtenstein, Norway, and Iceland. "We are a direct democracy, so in Switzerland, we have to wait 100 days to see if anyone in Switzerland wishes to take a referendum. These 100 days is a formality, in the case of India it will be over 10th of July, and we are very (sure) that we can deposit our ratified document before the end of September," she said. "We're very ambitious about it. We spoke about it also with Minister Goyal, and we hope that it will enter into force first of October," she said. She said the huge number of Swiss businesses that took part in an industry event, in the presence of Minister Goyal, reflected the country's interest in India. On the second day of his visit, Goyal addressed a gathering of over 1,000 Swiss businesses, accompanied by Swiss Federal Councillor Guy Parmelin. Goyal highlighted India's "remarkable transformation" over the past 11 years in terms of technology, innovation, and how the country offers great avenues for doing business. "We had a record number of people in attendance, you know, I know in India you're used to big events, but in Switzerland, to have an event with 1,500 people in the room carefully listening to your minister showcases how much people are interested," she said. "This afternoon we did one on one meetings and if I just count a little bit in my head on what we heard today, how excited Swiss companies are, I think it will be very easy to reach that target of USD 100 billion (investment in Indi as part of EFTA deal) and more importantly for me it's also the 1 million job pledge that we did," she added. "This partnership with EFTA India should be a win-win situation for everyone. You have a very young population that needs jobs because you're trying to uplift people out of poverty into the middle class and upper middle class, and this is what Swiss companies can provide because we do compete on quality, precision, innovation, and usually these jobs pay well." Under EFTA, these four countries have pledged to invest USD 100 billion in India over the next 15 years. The negotiations between EFTA and India started in 2008, 21 rounds of negotiations were needed to reach an agreement on 10 March 2024, as per EFTA website. EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States. "Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland's process will last another two and a half months (or so). It is expected that we will be able to implement this in October," Minister Goyal told ANI.
India Gazette
2 days ago
- Business
- India Gazette
India is a preferred place for Swiss businesses: State Secretary for Economic Affairs
Bern [Switzerland], June 11 (ANI): Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland, on Tuesday said India is a preferred place for Swiss industry, as she highlighted India's huge consumer base, firm economic growth, and being a democracy. 'We certainly see India as a preferred place for our industry because you are a democracy that helps. We feel united in values. You are an excellent consumer base. You have excellent growth,' she told reporters at a press conference during Commerce Minister Piyush Goyal's two-day Switzerland visit. 'We really like to have a good relationship with as many markets as we can, but we do believe in the potential of India,' Helene Budliger Artieda said. She said she is impressed with the Indian government's efforts to improve the lives of its people and alleviate poverty. 'Minister Goyal this morning spoke about on how much people have been able to be lifted out of poverty and actually join the middle class in India, and those are exactly the consumers we hope that at one point they will eat Swiss chocolate or buy a Swiss watch, and you know, a Swiss watch you have of course the very expensive ones, but then you have also those that are equally good in quality but more affordable,' she supplemented. EFTA trade deal has currently been ratified by three of the four members - Liechtenstein, Norway, and Iceland. 'We are a direct democracy, so in Switzerland, we have to wait 100 days to see if anyone in Switzerland wishes to take a referendum. These 100 days is a formality, in the case of India it will be over 10th of July, and we are very (sure) that we can deposit our ratified document before the end of September,' she said. 'We're very ambitious about it. We spoke about it also with Minister Goyal, and we hope that it will enter into force first of October,' she said. She said the huge number of Swiss businesses that took part in an industry event, in the presence of Minister Goyal, reflected the country's interest in India. On the second day of his visit, Goyal addressed a gathering of over 1,000 Swiss businesses, accompanied by Swiss Federal Councillor Guy Parmelin. Goyal highlighted India's 'remarkable transformation' over the past 11 years in terms of technology, innovation, and how the country offers great avenues for doing business. 'We had a record number of people in attendance, you know, I know in India you're used to big events, but in Switzerland, to have an event with 1,500 people in the room carefully listening to your minister showcases how much people are interested,' she said. 'This afternoon we did one on one meetings and if I just count a little bit in my head on what we heard today, how excited Swiss companies are, I think it will be very easy to reach that target of USD 100 billion (investment in Indi as part of EFTA deal) and more importantly for me it's also the 1 million job pledge that we did,' she added. 'This partnership with EFTA India should be a win-win situation for everyone. You have a very young population that needs jobs because you're trying to uplift people out of poverty into the middle class and upper middle class, and this is what Swiss companies can provide because we do compete on quality, precision, innovation, and usually these jobs pay well.' Under EFTA, these four countries have pledged to invest USD 100 billion in India over the next 15 years. The negotiations between EFTA and India started in 2008, 21 rounds of negotiations were needed to reach an agreement on 10 March 2024, as per EFTA website. EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States. 'Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland's process will last another two and a half months (or so). It is expected that we will be able to implement this in October,' Minister Goyal told ANI. (ANI)
