New Delhi

To push for bilateral economic cooperation and a free trade agreement, Switzerland’s Economic Affairs Minister Johann N Schneider Ammann will begin tomorrow a three-day visit to India, during which the issue of black money is also likely to come up.

During his India visit from May 15-17, Ammann is scheduled to meet Finance Minister Arun Jaitley, Commerce and Industry Minister Nirmala Sitharaman and Skill Development Minister Rajiv Pratap Rudy.

This would be the first visit by a Swiss Minister since Prime Minister Narendra Modi-led government came to power in May last year. The visit also assumes significance in the wake of the cooperation promised by the Swiss government in India’s fight against black money.

Jaitley had met Ammann and other top ministers, including Switzerland’s Finance Minister, in this regard earlier this year on the sidelines of the WEF Annual Meeting in Davos.

Indian Parliament has passed a new law to tackle the menace of black money stashed abroad, amid apprehensions that a large amount of such illicit funds have been parked by Indians in Swiss banks.

Earlier this week, Jaitley said in Parliament that Switzerland has been cooperating in a number of cases related to alleged black money stashed by Indians in Swiss banks.

The Swiss Federal Department of Economic Affairs, Education and Research said in a statement that discussions during Ammann’s visit would “focus on bilateral economic relations, negotiations on the free trade agreement between EFTA (European Free Trade Association) and India, and economic developments in southern Asia.”

In his meeting with Jaitley, Ammann will “discuss a number of issues related to economic and financial cooperation”.

The Federal Department said that Ammann’s ministerial meetings will provide “an opportunity to exchange views with members of the new Indian government and to deepen bilateral relations between Switzerland and India”.

Switzerland is a major foreign investor in India and has invested about USD 2.70 billion in diverse fields during April 2000-March 2014 period.

The actual Swiss direct investment inflows are estimated to be above USD 7 billion during that period, according to the Swiss government as large part of this money is routed through other countries into India.

Ammann, a Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research, will be accompanied by a private delegation consisting of Swiss business leaders with interests in India, as well as by members of the cantonal governments and the National Council.

With Rudy, he would discuss topics related to vocational education and training.

He will also visit Bangalore on May 16 where he would officially launch the CTI Market Entry Camps, an initiative of the Commission for Technology and Innovation (CTI) run by swissnex India, aimed at encouraging Swiss start-ups to enter the Indian market.

“The Federal Councillor will take advantage of his trip to southern India to visit the Bangalore Institute of Management and the local branch of a Swiss business,” the statement said.

PTI