Open up services sector: Swiss President

"We should not forget how important it is to balance the economic and social requirements to maintain an ethical perspective on our economic strategies and practices," he said, referring to Nobel Prize winner Amartya Sen.

"Today, many people are sharing the benefits of his success…This is one of the reasons why Switzerland has been pursuing majordevelopment co-operation projects with India for more than 30 years," he added. The Ecofrig project with Godrej GE Ltd for phasing out CFCs (cholro fluoro carbons) in refrigerators was one such instance.

However, he felt in that globalisation was beneficial to everyone in the long haul. "There is an obvious link between free access to markets and the capacity to compete," he said, "In spite of the present slowdown, we should not resort to new protectionist measures out of fear or for short-sighted political motives." He urged governments do their utmost for firms in their jurisdictions to gain access to world markets, in conformity with WTO principles.

"The recent turmoil in international financial markets has shown us another side globalisation. This shock has been a rude reminder that permanent economic growth is an illusion and cannot be taken for granted even in the new post-cold war world order," he added on a different note. Nevertheless he reiterated that globalisation was not a threat but anopportunity. The economic liberalisation process India had initiated in 1991 had resulted in rapid expansion of commercial, technological and financial partnerships with Switzerland, he said.

Although the two-thirds of Switzerland’s trade was with the European Union, the emerging markets of Asia showed the most dynamic growth in foreign investment. In fact, Switzerland was among the ten most important investors in India and fourth among European investors. Swiss companies like Nestle, Ciba and ABB more than half a century in India.

In response to a query on decreased capital flow to India after the nuclear text, Cotti said, "Switzerland has been demanding the elimination of weapons of mass destruction, including those of the five nuclear powers, and the dialogue with India is on in this sense." The dialogue is based on a clear understanding and so commercial relations between the two countries are excellent, he asserted. Delegate of the Swiss government for trade agreements said, Nicholas Imboden hopedfor a reduction in customs duty for consumer goods.

Unfortunately the customs duty had gone up recently but the government had given an assurance that it was only a temporary measure. In 1997, Switzerland had exported $ 400 million worth of goods to India, while India had exported $ 300 million worth of goods. This year’s figures indicated exports from Switzerland to India had gone up 13 per cent and that of India’s by 9.5 per cent.

Maharashtra Chief Minister Manohar Joshi invited investment in the tourism sector for the state and specifically for developing Mumbai as an offshore development centre at the meeting.