Sweden is planning to extensively expand its economic cooperation with India by tripling or even doubling the trade and investment volume between the two countries within the next five years.
According to the Swedish Ambassador to India, Jan Thesleff, the project is in line with the EU–India Free Trade Agreement (FTA) which is expected to facilitate access to the market and make the business environment friendly for Swedish companies.
Making India a major investment destination, Thesleff talked about Sweden’s moves to deepen the partnership through collaboration in the sectors of manufacturing, green transition, digitalization, and research.
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At the moment, there are more than 280 Swedish companies that have made India their business playground, and most of them are engaged in the “Make in India” initiative through local sourcing and total supply chain integration. These enterprises directly employ more than 220,000 people, and thus, they have created an additional 2.2 million indirect jobs in India, which is a testament to the extent of Sweden’s economic footprint in the country.
The upcoming strategic roadmap not only aims at increasing bilateral trade and investment but also at facilitating collaborative R&D ecosystems, technology transfer, and skill development. Both countries consider the deepening of their partnership as an instrumental factor for driving the shared prosperity and a cleaner, innovation-driven future.
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