New Delhi: India has received a draft Double Taxation Avoidance Agreement (DTAA) from Liechtenstein and will examine it, the secretary (west) in the external affairs ministry, Sibi George, said on Tuesday. Liechtenstein has expressed interest in concluding the agreement to further strengthen bilateral relations, he said at a special briefing on the visit of Hereditary Prince Alois of Liechtenstein, the acting head of state of the country.
Alois is in India from October 25 to 28 at the invitation of the prime minister, Narendra Modi. It is his fifth visit, George said – he was here in February this year and earlier in 2010, 2013 and 2018.
He is accompanied by the princess Sophie, Liechtenstein’s deputy prime minister and foreign minister, Sabine Monauni, a high-level business delegation and the CEOs of Liechtenstein-based companies. George said the visit offers an opportunity to strengthen economic ties and promote government-to-government (G2G) and business-to-business (B2B) engagement.
Alois was accorded a ceremonial welcome at Rashtrapati Bhavan and paid homage to Mahatma Gandhi at Rajghat. Modi held a bilateral meeting with him and hosted a banquet lunch in his honour.
In a post on X, MEA spokesman, Randhir Jaiswal, said the leaders discussed ways to deepen cooperation in trade, investment and innovation. They also reaffirmed their commitment to strengthening multilateral institutions, including the United Nations, and welcomed the positive momentum generated by the India-EFTA Trade and Economic Partnership Agreement (Tepa).
The external affairs minister, S Jaishankar, also called on Alois on Monday, describing the India-Liechtenstein partnership as one witnessing strong momentum across several areas, driven by opportunities created by Tepa.
The two sides discussed ways to strengthen bilateral investment, with a focus on advanced manufacturing, technology, space, financial services, agriculture, education and skill development. The leaders also stressed deeper cultural cooperation and people-to-people ties, including the growing interest in yoga, and exchanged views on regional and global developments.
Other engagements during the visit include meetings with Union finance minister, Nirmala Sitharaman; and the Union minister of skill development, Jayant Chaudhary; while the president, Droupadi Murmu, is scheduled to receive him in the evening and host a dinner in his honour.
The visit carries special significance as it coincides with the first anniversary of the operationalization of the India-EFTA Tepa. India hosted the second EFTA-India Prosperity Summit in New Delhi earlier this month, George noted.
Under the Tepa, the target is to facilitate $100 billion in investment in India over the next 15 years, alongside strengthening comprehensive trade and economic relations. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway and Switzerland.
George said the visit places a clear emphasis on the “3 Ts” – trade, technology and talent – with three key areas identified for deepening cooperation. The bilateral engagement has expanded into new areas, with scope to further strengthen the partnership in technology, aviation and skill development.
India’s key exports to Liechtenstein include pharmaceuticals, electrical items, machinery and equipment.
Liechtenstein-based LGT Group, a global wealth and asset management group known for its long-term investment approach, manages assets of around $500 billion. Its Indian subsidiary, LGT Wealth India, began operations in 2022 and provides comprehensive wealth management services.
George said the visit marks the beginning of a new chapter in bilateral ties and will deepen India’s engagement with Europe, contributing to the country’s journey towards Viksit Bharat 2047.