New Delhi : Prime Minister Narendra Modi on Monday held wide ranging talks with Swiss President Guy Parmelin focusing on expanding bilateral cooperation in trade, investment, mobility and critical technologies.

Parmelin who is on a three day visit to India was accorded a ceremonial welcome at Rashtrapati Bhavan after arriving in New Delhi. He later visited Rajghat and paid tributes to Mahatma Gandhi.

This is his first state visit to India and his second visit to the country this year after attending the AI Impact Summit in February.

The talks are aimed at identifying new avenues to strengthen the India Switzerland partnership and build on growing economic engagement between the two countries.

External Affairs Minister S Jaishankar also met Parmelin ahead of his talks with Modi and discussed key aspects of bilateral relations.

Jaishankar said he appreciated Parmelin’s commitment to deepening the India Switzerland partnership, particularly by building on the India EFTA Trade and Economic Partnership Agreement (TEPA). India and the European Free Trade Association Switzerland, Iceland, Liechtenstein and Norway signed the agreement in March 2024 after nearly 16 years of negotiations.

Under the pact EFTA countries have committed to promoting investments worth USD 100 billion in India over 15 years. The agreement, which came into effect in October last year, is expected to provide further impetus to trade and investment ties between India and Switzerland.

More than 330 Swiss companies are currently operating in India in sectors including engineering, services, precision instruments, chemicals and pharmaceuticals, while Indian companies have a presence in Switzerland in areas such as IT, pharmaceuticals and machinery.

Parmelin is also scheduled to meet President Droupadi Murmu, who will host an official banquet in his honour.