India is on the verge of finalising a trade deal that could witness a small group of European nations investing as much as £100 billion over 15 years for easier trade access to the country, according to a report by Bloomberg News on Wednesday.
The European Free Trade Association (EFTA), which includes Norway, Iceland, Liechtenstein, and Switzerland, has committed as part of a trade pact currently in its final negotiation stage, as reported by Bloomberg, citing individuals familiar with the matter.
The investment in India from the EFTA countries is expected to result in the creation of more than 1 million jobs in the country. The report indicates that the investment will be targeted at both existing and new manufacturing projects, predominantly coming from state-sponsored organisations and private businesses.
The trade deal aims to ensure market access for specific agricultural projects and guarantee easier movement of Indian professionals to EFTA countries, as per Bloomberg.
India's Commerce Ministry and the EFTA have not immediately responded to a request for comment. Last month, India's Information Technology Minister, Ashwini Vaishnaw, informed Reuters that the country is aiming for £100 billion in annual foreign direct investment (FDI) "in the next few years."
India has been successful in attracting investments from various countries, with the United Arab Emirates considering an investment of up to £50 billion in the nation.
