Swiss companies scout for opportunities in India

Swiss companies are keenly looking at business opportunities in India and other high-growth markets, amid sluggish economic conditions in Europe, a Swiss official said on Thursday. Switzerland is the eleventh biggest foreign investor in India, according to Chris Watts, part of Swiss government's trade and investment promotion body.

"Swiss companies are now not just looking at China. They are looking at Asian and Latin American markets that have high growth potential. They are looking at the growing middle class (population) as such as the one in India," he told PTI. He noted that Swiss companies have created about 66,000 jobs in India in the last 10 years.

At present, about 100 firms from Switzerland have business in the country. Watts said Indian companies are also very interested to invest in Switzerland. "Bilateral trade (between the two nations) is expected to grow 5-10 per cent over the one to two years. I expect Swiss exports to grow little faster than Indian exports to Switzerland," he said.

The trade between India and Switzerland stood at nearly USD 5 billion in 2011. Watts was speaking on the sidelines of an event organised by the Swiss Embassy to announce that Glenmark Pharmaceuticals CMD Glenn Saldanha has been chosen for 'Swiss Ambassador's Award for Exceptional Innovation'.

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