Piyush Goyal meets Liechtenstein’s Hereditary Prince to boost economic ties under EFTA trade pact

With the aim to strengthen India’s economic cooperation with other countries, Commerce and Industry Minister Piyush Goyal met Liechtenstein’s Hereditary Prince Alois to discuss ways to deepen economic ties and explore investment opportunities under the India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA). The agreement between India and EFTA member states - Switzerland, Norway, Iceland and Liechtenstein - came into effect in October 2025.

Under the agreement, EFTA states aim to increase foreign direct investment (FDI) in India by $100 billion over 15 years and facilitate the creation of one million direct jobs. Goyal emphasised that India offers international businesses several advantages, including a large and growing domestic market, a skilled workforce, a competitive manufacturing ecosystem and access to expanding global value chains.

He invited companies from Liechtenstein to explore opportunities in India through manufacturing partnerships, technology collaboration, research and development, and deeper integration with Indian suppliers and micro, small and medium enterprises (MSMEs). The discussions also explored opportunities to expand industrial cooperation in areas such as precision engineering, advanced manufacturing, industrial technologies and innovation.