PM Modi, who held talks along with his Swedish counterpart Stefan Lofven earlier within the day, was welcomed by youngsters in conventional Indian costume on his arrival on the Stockholm Metropolis Corridor in Sweden’s capital Stockholm to attend the Roundtable Assembly with Swedish CEOs.
“Stronger enterprise relations between India and Sweden augur properly for the folks of our nations. Met a gaggle of main Swedish CEOs on the roundtable in Stockholm,” PM Modi tweeted after he and Premier Lofven interacted with prime Swedish enterprise leaders.
Prime Minister Modi exhorted prime Swedish CEOs to spend money on India and take part in flagship initiatives, Exterior Affairs Ministry Spokesperson Raveesh Kumar mentioned.
“Sweden stays a valued associate for the @makeinindia initiative. PM highlighted the assorted funding alternatives in India,” a tweet on the PMO deal with mentioned.
Carsten Gronblad, Sweden’s commerce commissioner to India, mentioned round 30 CEOs or representatives of companies participated within the assembly.
“One of many predominant message from the audio system was that they contemplate India as a really strategic market and that they want to associate India assembly sure challenges. If we have a look at Swedish investments, they’re growing over the previous couple of years. Swedish firms have dedicated to take a position USD 1.1 billion in India over the subsequent two years,” he instructed PTI.
The businesses from Sweden have already invested USD 1.5 billion in India over the past three years, Gronblad mentioned.
This cumulative funding in India over a span of 5 years is greater than that had been completed over the past 20 years, he famous.
The main traders could be the likes of Ikea, AstraZeneca and Volvo vans, he mentioned.
Charles Frump, MD of Volvo Automotive India, who attended the meet, mentioned Volvo shared their imaginative and prescient of electrified automobiles with Prime Minister Modi and said the way it was in with the Indian authorities’s imaginative and prescient.
A key suggestions from firms taking part was how red-tape may be additional lowered, Frump mentioned.
Juvencio Maeztu, CEO IKEA Group, and Hakan Buskhe, CEO Saab, had been among the many prime enterprise leaders who attended the roundtable.
Sweden has a protracted historical past of investments in India. Most of the main Swedish firms similar to Ericsson and Swedish Match (WIMCO) entered India even earlier than it turned unbiased.
Since then, quite a few different Swedish firms similar to Atlas Copco, Sandvik, Alfa Laval, Volvo, Astra Zeneca and SAAB have invested in India.
Although the bilateral commerce fell to USD 1.9 billion in 2016-17, as in comparison with about USD 2.17 billion in 2015-16, Swedish investments and different financial actions in India have been on the rise.
India’s exports to Sweden amounted to USD 710 million, whereas India’s imports from the Nordic nation totalled USD 1,160 million in 2016-17.
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