Industry & Economy
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Foreign Trade
Swiss body woos Indian businessmen
Our Bureau
Chennai
,
Feb. 17
A GOVERNMENT agency from western Switzerland called DEWS met with businesspersons here on Tuesday to promote the region as a base that could be used to penetrate the European Union.
The EU is the world's largest trader and the Indian Government's aim is to increase the country's share in world trade.
Switzerland is not a member of the EU but enjoys the trade-related benefits of a member. Western Switzerland's advantages as a location come from low taxes and cost of production, and support from authorities in the form of quick decisions, according to Mr Francis Sermet, General Manager at DEWS.
The peak rate of corporate tax in western Switzerland is 10 per cent. Mr Sermet said that the Government also clearly spelled out the details related to taxation. Currently, Switzerland and India have a treaty in force to avoid double taxation.
He estimated that the cost of production in the region was about 10-15 per cent lower than Germany and France because a company's outgo on social security for employees was lower.
Mr Sermet said that DEWS offers Indian companies help with registration, tax exemptions and residence permits free-of-cost. He added that local governments in Switzerland exercised significant control over matters like residence permits.
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