As a Swiss trained watchmaker I can verify this."At least 60% of the production costs of a watch taken as a whole must be Swiss-based." "The movement must still contain at least 50% Swiss-made components in value (not in quantity) and at least 60% of the movement's production must be generated in Switzerland. - Swiss Made requirements.
Go with the Victorinox brand if you want a "Swiss Army" watch. They are a bit more pricewise but better made and ARE made in Switzerland. There are legal definitions that must be met to label the watch accordingly. I deal mostly with Rolex on the low end up to Patek Philippe on the high end.