$100-Bn FDI by EFTA Will Boost $500-Bn Investments: Goyal

1 mn direct jobs could help in creating 5-6 mn jobs directly and indirectly. India has offered EFTA countries an opportunity to have dedicated enclaves in either 20 industrial smart cities or in 100 industrial hub and spoke model areas -- Piyush Goyal, Industry Minister

New Delhi: Commerce and Industry Minister Piyush Goyal on Monday said the $100-billion FDI commitment made by EFTA bloc under a free trade agreement (FTA) could help in catalysing as much as $400-500 billion investment proposals in the Indian ecosystem.

The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), is expected to come into force by the end of this year, he said. The EFTA (European Free Trade Association) members are Iceland, Liechtenstein, Norway, and Switzerland. “With this $100 billion FDI, I personally believe that we could be catalysing overall investments of may be $400 or $500 billion in the Indian ecosystem,” Goyal said here after the launch of EFTA Dedicated Desk.

The Desk will act as a centralized support mechanism for EFTA companies looking to expand in India. It will provide market insights and regulatory guidance, business matchmaking, and assistance in navigating India’s policy and investment landscape. The setting up of the Desk is important as under the pact, India has received an investment commitment of $100 billion in 15 years.