India and Switzerland have inked two MoUs to ensure strategic exchange of technical cooperation in the field of Railways. These Memorandum of Understanding were signed after meaningful delegation-level talks in New Delhi between Prime Minister Narendra Modi and visiting President of Swiss Confederation Doris Leuthard. They also issued a Joint press statement on this.
MoU has been inked between Konkan Railway Corporation Limited (KRCL) and Swiss Federal Institute of Technology, Zurich.
MoU has been inked on Technical Cooperation in Rail Sector, between Ministry of Railways and Federal Department of the Environment, Transport, Energy and Communications of the Swiss Federation.
Joint Press Statement Key Takeaways
Foreign Direct Investment (FDI) forms a huge part of the Indo-Swiss cooperation.
- Both countries have agreed to enhance B-2-B cooperation and are working on new bilateral investment treaty.
- India offers gratitude to Switzerland for its support on the bid for MTCR and Nuclear Suppliers Group membership.
- Switzerland has agreed that reforms taken by India will serve as a good base for expanding cooperation in several areas.
- Switzerland has accepted the automatic exchange of information to bring transparency in financial transactions with India and to effectively curb black money and tax evasion. And, its parliament is going to pass a legislation supporting this by year-end.
- India is committed to clean energy and green future and has termed climate change as a global challenge.
The India-Switzerland Partnership
India and Switzerland have a long standing relationship and enjoy strategic economic ties. Both countries share mutual views on many major global issues. For India, Switzerland is the seventh largest trading partner and eleventh largest foreign investor.