The first of the information exchange between Switzerland and India on financial transactions happening in the former will happen in a year or two. Both the countries have already entered into a framework in 2018 to share the required information, said Othmar Hardegger, Consul General of Switzerland in Mumbai.
In the past, we had been approached by many governments seeking information about account holders. We have been complying with all laws for information exchange as Switzerland is following a white-money strategy, he said speaking at ‘The Swiss-Indian Business Council,’ organised by the Swiss-India Chamber of Commerce (SICC) in Hyderabad on Tuesday. .
He also said Switzerland was looking forward for trade agreements taking with India taking shape soon. We have received positive signal from the Indian side. Switzerland too is committed. The economies are complementary. There are no big issues between the two, he said about the trade agreements.
However, some companies from Switzerland working in India were finding sourcing, regulatory issues and high customs taxes as hurdles, he said.
We have an innovation culture. There are some companies already operating here. More companies are wanting to come to India and there are also Indian companies that are keen on setting up operations in Switzerland. It will be a two-way street, he said adding that the companies visiting India will like to take advantage of skilled labour available here, particularly engineers. They can be deployed in research and development, service centres and IT services, he said.
Source: Telangana Today