Workshop on Strategic Initiatives for Business Growth in Europe
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Dr. Ravi Chaudhry, Director India, Development Economic Western Switzereland (DEWS) addressing the participants |
Development Economic Western Switzerland (DEWS) has launched a significant initiative to assist international companies in setting up a pan-European base to cater to their global operations, says its Director-India Dr. Ravi Chaudhry.
In a meeting with FIEO members to discuss ‘Strategic Initiatives for Business Growth in Europe’ on 8th August at Bangalore, Dr. Chaudhry said, "This French speaking part of Switzerland, comprising of Cantons of Vaud, Valais, Neuchatel and Jura, offers an ideal, low-cost, tax-effective location for setting up global trading and holding companies, contract manufacturing companies, IPR holding companies, software and biotech marketing and servicing companies, R&D centers etc."
According to Dr. Chaudhry, DEWS offers one-stop free of cost service package that includes company registration; business premises location and leasing; work & residence permits; tax exemption rulings; introduction to banks, government authorities and potential clients; and recruitment & training of personnel.
The region, traditionally known as the ‘Watch and Jewellery Valley’ of the world, has established strong credentials as the ‘Global Trading Hub’, ‘Micro-technologies Center’, ‘IT Hub’ and ‘Bio-Valley’ in Europe. This clustering has taken place, says Dr. Chaudhry, because of an exemplary growth-oriented business culture, together with easy access to surrounding markets in France, Germany, Austria, Italy and the new EU countries.
Industry segments, which stand to gain enormously with such an initiative, include, amongst others, contract manufacturing, pharmaceuticals & biotechnology, software & bioinformatics, gems & jewelry, tourism, holding and financial services, multimedia and film industry etc., Dr. Chaudhry adds.
Dr. Chaudhry, who is also the Indian representative of Turkish Prime Minster’s office, further says that Indian companies keen on capturing European markets can also use Turkey as an alternative manufacturing hub as it is a part of the European Customs Union and is having Free Trade Agreements with 14 other countries. "Except for unprocessed agri products, Turkey is not subject to any customs levies in EU," he adds.
Being amongst the largest spenders on education, says Dr. Chaudhry, Turkey is planning to build an IT city and has sought the help of NASSCOM for training. He observes that though India made a successful foray into Japan in the IT field, it could not do so in Europe owing to multiplicity of languages in the continent. To plug the hole, suggests Dr. Chaudhry, Turkey can be used as an alternative. He said, Indian companies could export their products to the EU after assembling them in Turkey in order to gain market access.
The discussion covered various aspects relating to business opportunities, work culture, productivity, operational costs, and taxation structure, together with an update on what other companies from USA, Europe and India are doing in Switzerland and the type of tax rulings that the companies can secure from Government of Switzerland.
