Indo-Swiss bilateral trade may grow by 10 pc

CHANDIGARH: Ambassador of Switzerland to India Dominique Dreyer on Tuesday said that the bilateral trade between India and Switzerland might grow by 10 per cent in the current financial year, even as swiss companies are quite keen on expanding their presence in banking, pharmaceuticals and biotechnology sectors of India.

"This year we are hoping the bilateral trade between India and Switzerland may grow by 10 per cent in this year," Dreyer told media persons here today. He was here to participate in an interactive session on 'INDO-SWISS Bilateral Trade Relations'.

The bilateral trade between India and Switzerland stood at $3 billion in 2007-08, he said, while adding, "The balance of trade was in favour of Switzerland."

Out of total trade, Swiss exports to India were $2 billion during last year.

Sharing the swiss companies investments plans in India, he revealed that the swiss bank UBS and Credit Suisse Group would like to strengthen their presence in India through opening their branches here.

"Moreover, companies have also shown interest in India's biotechnology and pharmaceutical sectors as part of discovering new avenues of mutual cooperation and boosting economic relations," he said.

He further said that the swiss government was also stressing upon improving the tourism sector in the country in order to attract more and more foreign tourists. He said that about 1.20 lakh Indian tourists flow into Switzerland per annum.

PHD Chamber of Commerce, Vice President Satish Bagrodia impressed upon the ambassador to India for tapping India's Information technology, agri food processing and health sectors for cementing the economic relations.