Piyush Goyal pushes India‑EFTA TEPA in Liechtenstein, highlights $100 billion investment and job creation

Union Minister of Commerce and Industry Piyush Goyal on January 7 chaired a high‑level business roundtable in Liechtenstein with leaders of prominent local companies to accelerate the implementation of the India‑European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) and boost bilateral economic cooperation. This visit marks the first time an Indian cabinet minister has visited Liechtenstein after the TEPA became operational, underlining the deepening of ties between the two nations following the landmark agreement.

Goyal told attendees that the India‑EFTA TEPA , signed in March 2024 and entering into force on October 1, 2025, is more than a traditional trade deal, positioning it as a comprehensive framework for investment, technology collaboration, skill development, resilient supply chains and market access for a wide range of sectors. Under the pact, the EFTA bloc - comprising Iceland, Liechtenstein, Norway and Switzerland - has committed to about $100 billion in investment in India over 15 years , with the potential to generate around one million direct jobs in India’s manufacturing and services sectors.

Goyal urged Liechtenstein firms to explore opportunities in India and consider the Indian market as a long‑term base for growth , highlighting sectors such as precision engineering, clean energy, smart infrastructure, advanced materials, digital manufacturing, financial services and innovation‑driven industries where collaboration holds strong potential. He emphasised that the pact’s balanced market access provisions - including tariff reductions and mutual recognition agreements for services would help Indian businesses tap European markets and vice versa.

During the roundtable, Goyal also visited the headquarters of Hilti Group in Vaduz(capital of Liechtenstein)and met its chief executive Jahangir Doongaji . Discussions focused on advancing localisation of production, enhancing value addition and scaling global shipments from India , aligning with the government’s goals for manufacturing growth and export competitiveness. Technology collaboration for safer and smarter infrastructure was also a key topic.

On the sidelines of the business forum, Goyal held separate talks with Liechtenstein’s top leadership. In discussions with Prime Minister Brigitte Haas , he emphasised the complementarity of India’s young workforce and emerging market with Liechtenstein’s advanced industrial and engineering capabilities , discussing ways to expand cooperation in vocational training, industry‑academia linkages and innovation. He also met Deputy Prime Minister and Foreign Minister Sabine Monauni to explore opportunities for trade expansion, innovation collaboration and clean technology partnerships .

During a courtesy call on H.S.H. Hereditary Prince Alois of Liechtenstein , Goyal outlined how the TEPA could also foster sustainable finance, green investments, energy transition and climate action collaboration between both nations. He delivered a letter from Prime Minister Narendra Modi inviting the prince to the India‑AI Impact Summit in New Delhi in February 2026, reinforcing the ongoing strategic engagement.

Analysts and officials note that India‑EFTA TEPA, India’s first comprehensive European trade pact linking trade, investment and services , aims to lower or eliminate tariffs on most goods traded between the partners, provide mutual mobility for professionals, and create a platform for deeper economic integration. The agreement is expected to streamline customs processes, facilitate regulatory cooperation and encourage joint ventures in sectors from pharmaceuticals to fintech.

Goyal’s visit also comes amid India’s broader strategy to strengthen trade relations with key global partners and negotiate new free trade agreements with other regions, including the European Union, as part of India’s efforts to expand its global economic footprint.