India, Switzerland sign 5 pacts: What the Modi-Parmelin talks mean for trade and investment

India and Switzerland have signed five agreements and agreed to deepen trade, investment and cooperation in areas including nuclear energy, defence, transport and infrastructure following talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin on Monday.

Parmelin began his three-day trip to India this morning in his first state visit to the country and his second visit this year. He had earlier attended the AI Impact Summit in February.

The two countries signed a migration and mobility partnership pact along with four other agreements, including a young professionals exchange scheme and a major agreement covering cooperation on transportation technologies, mobility systems and infrastructure development.

The Ukraine conflict and the situation in West Asia were also discussed during the talks. Modi said both sides support all meaningful efforts towards peace.

In his media statement, Modi said India and Switzerland had taken important decisions to expand market access for Indian exports and further facilitate investment between the two countries.

Switzerland is a major economic partner for India in Europe. More than 330 Swiss companies are currently operating in India across sectors including engineering, services, precision instruments, chemicals and pharmaceuticals. Indian companies are present in Switzerland in sectors including IT, pharmaceuticals and machinery.

We also discussed deeper cooperation in sectors like health, clean energy, space, Yoga and Ayurveda.

India and Switzerland share a strong commitment to democracy, dialogue and diplomacy. We will continue working together for global peace and stability. https://t.co/136O79i378

— Narendra Modi (@narendramodi) October 5, 2026

Parmelin said boosting trade ties was a key focus of the discussions. He said Switzerland hopes to conclude an investment protection agreement with India soon to encourage greater investment across sectors of the Indian economy.

The bilateral trade and investment relationship has received a further boost with the coming into force in October of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) States of Iceland, Liechtenstein, Norway and Switzerland.

Modi described the TEPA as an “ambitious blueprint” for investment, innovation, jobs, and shared prosperity.

“Through this, we will realise our goals of USD100 billion in investment and one million direct jobs in India over the next 15 years,” he said.

The prime minister said innovation, infrastructure and advanced technology are strong pillars of the India-Switzerland partnership and that both sides are going to give engagement a “new impetus”.

“We have taken several important decisions to expand market access for Indian exports to Switzerland and further facilitate investment between the two countries,” he said.

“This will increase India’s exports of agriculture, pharmaceuticals, textiles and engineering goods to Switzerland. At the same time, we will attract new Swiss investment in key sectors like biotech, life sciences, banking, insurance, food processing, and sustainability,” he said.

Through these initiatives, “we will jointly develop trusted supply chains and reliable solutions for the entire world,” he added.

Modi said India and Switzerland had identified “new possibilities” for cooperation in military exchanges and defence production while also agreeing to further deepen cooperation in nuclear energy.

“The ropeway in Varanasi, the Jewar Airport in Noida, and railways and tunnelling projects in hilly areas are shining examples of our infrastructure cooperation.”

The two sides also signed an agreement covering transport and infrastructure cooperation.

“We invite Swiss infrastructure companies to invest in India on a large scale, and to participate in capacity building, design, and manufacturing,” Modi said.

The prime minister said India-Switzerland science and technology cooperation is another strong pillar of bilateral ties. He said new joint research projects in priority areas including health, clean energy and space will be launched soon.

People-to-people ties were also highlighted by Modi, who described them as the “greatest strength of the partnership”.

“The migration and mobility partnership agreement and the young professionals agreement signed today will open up many new opportunities in Switzerland for Indian students, researchers, professionals, and youth,” he said.

The MoU on migration and mobility aims to promote mobility “under equal treatment principles” and to combat irregular migration and human trafficking in accordance with national laws.

It provides for multiple-entry visas for up to five years, including stays of up to six months on each visit, as well as renewable one-year student permits.

The young professionals exchange agreement is aimed at people taking up temporary employment to improve their professional and language skills. It provides for the exchange of 300 people annually per country, which may increase to 500.

Modi said India and Switzerland share democratic values, the rule of law, dialogue and diplomacy and will continue to work together for global peace and stability.

“Whether in Ukraine or West Asia, India has supported every meaningful effort towards peace. We also agree that reform of global institutions is essential to address growing global challenges,” he said.

The prime minister also referred to the India-EFTA Prosperity Summit scheduled for Wednesday.

“This summit will be an important platform to translate the promise of our trade and investment partnership into concrete outcomes,” he said.

Parmelin said his visit marks the first anniversary of TEPA implementation and asserted that the agreement benefits both India and Switzerland.

“This partnership benefits both parties: India gains access to capital, technology transfers, and easier access to markets for high-value-added goods.

Switzerland, for its part, benefits from trade with a massive partner experiencing sustained growth, at a time when global trade has become more vulnerable and unpredictable,” he said.

The Swiss president is accompanied by a large delegation of high-ranking business leaders.

“To further stimulate investment, Switzerland hopes to conclude an investment protection agreement soon. In this context, achieving results in discussions on intellectual property protection is equally important,” he said.

“In the realm of migration, our countries have concluded two agreements that embody high-quality cooperation between Switzerland and India: an agreement on a migration and mobility partnership, and an agreement on exchanges for young professionals,” he said.

The two sides also discussed artificial intelligence, with a focus on promoting an approach to AI governance that is both innovative and equitable.

“India, the world’s most populous democracy, and Switzerland, one of the oldest democracies, share fundamental values.”

Modi also extended his best wishes to Switzerland for hosting the next edition of the AI Summit next year.

“In February this year, India hosted the world’s largest AI Summit. Next year, Switzerland will take this journey forward through the Geneva AI Summit,” he said.

“I extend my heartfelt congratulations to Switzerland for the success of the Geneva AI Summit. I am confident that together we will continue to move forward towards making AI responsible, inclusive, and human-centric,” he added.