India eyes $100b investment deal with Switzerland, Norway

FE Team | Published: February 09, 2024 00:42:08

NEW DELHI, Feb 08 (Reuters): India is close to finalizing a trade deal that could see a small group of European nations invest as much as $100 billion over 15 years for easier trade access to the country reported on Wednesday.
The European Free Trade Association (EFTA), which includes Norway, Iceland, Liechtenstein and Switzerland, made a commitment as part of a trade pact that is in final negotiations, Bloomberg reported, citing people familiar with the matter.
The investment in India from the EFTA countries will see more than 1 million jobs created in the country, the report said, adding that the investment would be aimed at existing and new manufacturing projects, and will mostly come from state-sponsored organisations and private businesses.
India has been attracting investments from several countries, such as the United Arab Emirates, which is considering investing as much as $50 billion in the country.
Meanwhile, India wants to sign a multi-year oil purchase deal with Guyana and acquire stakes in the South American nation's exploration areas, the Guyanese minister for natural resources said on Thursday.
"We will make a decision at some point in time" on crude oil sales to India in a long-term deal, Vickram Bharrat told reporters on the sidelines of industry event India Energy Week in Goa.
He said any such deal with India would have to be approved by Guyana's cabinet.
India, the world's third-biggest oil importer and consumer, wants to diversify its crude sources.
India approved the signing of a five-year memorandum of understanding (MoU) with Guyana earlier this month for cooperation in energy.