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There is a very small and unique country on the world map which takes only half an hour for a tourist to visit completely. But beyond its geographical boundaries, this country is considered to be the largest exporter of dental prosthetics used worldwide. We are talking about the beautiful country ‘Liechtenstein’ situated among the Alpine mountains of Europe. The royal and historic welcome given to the Crown Prince of Liechtenstein and his high-level delegation by the Rashtrapati Bhavan and the Ministry of External Affairs on their recent visit to India has created a stir in global diplomatic circles. This red carpet laid by the Government of India to welcome the Crown Prince of such a small country is not just a formal meeting, but a strong evidence of the deep economic, financial and strategic interests emerging between the two countries.
Liechtenstein, located between Austria and Switzerland, is the sixth smallest country in the world, with a total area of just 160 square kilometers. The population of this country is about 40 thousand and it can be crossed within half an hour on foot or by car. But despite being so small in size, this country is very powerful in economic and industrial terms. Ivoclar Vivadent, a renowned Liechtenstein based company, manufactures the most premium and high quality dentures, dental ceramics and oral healthcare products across the world. Millions of dental crowns and dentures used around the world are manufactured and exported from here. This is the reason why it is colloquially called ‘the country that gives teeth to the world’.
When Crown Prince Alois of Liechtenstein arrived in New Delhi on an official visit to India, the Indian Ministry of External Affairs welcomed him in a traditional and royal style. The main reason behind this grand welcome is the rapidly strengthening economic and trade relations between the two countries. Liechtenstein has played a very important role in the historic Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA). Under this agreement, EFTA countries like Liechtenstein, Switzerland, Norway and Iceland are going to make huge Foreign Direct Investment (FDI) of 100 Billion Dollars in India in the coming years. This is the reason why India gave such an unprecedented welcome to its major European economic partner.
Liechtenstein is not only known for natural beauty or dental products, but also as the world’s safest banking sector and wealth management hub. In terms of per capita income, this country ranks among the top in the world. The tax structure and privacy rules here attract investors from all over the world. India and Liechtenstein now have strong cooperation on financial transparency, avoidance of double taxation (DTAA) and anti-money laundering standards. Liechtenstein companies are planning to invest on a large scale in India’s rapidly growing digital economy, Make in India and automation sectors, which will create new employment opportunities for Indian youth.
During the visit of the Crown Prince of Liechtenstein to India, many important agreements have been signed not only in trade but also in areas like green energy, sustainability and tourism. Nestled in the Alps mountain range, this country has advanced techniques of eco-tourism and environmental protection, which India can take advantage of in the development of its hill states. On the other hand, the doors of this undiscovered and extremely beautiful country of Europe will open more easily for Indian tourists. This diplomatic step of India proves that in New Delhi’s foreign policy, what matters is not the size of the country, but the strategic and economic interests associated with it, which has made even a small country like Liechtenstein a very special friend of India.