October 21, 2019
Piyush Goyal attended the 19th Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC) in Stockholm, Sweden
Ibrahim Baylan, Swedish Minister for Business, Industry and Innovation, welcomed opportunities presented by India, and agreed to facilitate increased cross border trade
Piyush Goyal informed Anna Hallberg, the Swedish Minister for Foreign Trade, about India’s open FDI policy that provides a conducive environment for Swedish businesses
There are more than 200 Swedish companies in India, as well as around 70 Indian companies in Sweden, with Sweden being the 20th largest foreign investor in India
Commerce and Industry & Railways Minister, Piyush Goyal recently attended the 19th Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC) in Stockholm, Sweden. The JCEC discussed areas of cooperation for both sides. On the occasion, Piyush Goyal reiterated the importance placed by the Prime Ministers of both the countries on the Joint Action Plan and Joint Declaration on Innovation Partnership, while highlighting the potential of an Indo-Swedish partnership.
During his stay, Minister Goyal met Ibrahim Baylan, Swedish Minister for Business, Industry and Innovation, and urged Sweden to look at cost- effective technological solutions that may be adopted by the Indian market and will help Swedish companies to scale up their operations. Minister Baylan welcomed the opportunities presented by India, and agreed that both countries must facilitate increased cross border trade.
Minister Goyal also called upon Anna Hallberg, the Swedish Minister for Foreign Trade. He informed her about India’s open FDI policy that provides a conducive environment for Swedish businesses to serve the local and export markets in India. Swedish expertise in technology and innovation would be of immense importance to provide solutions for India’s plans for infrastructure development, healthcare, and transport systems, he added. Minister Hallberg appreciated the proactive approach of the Indian side, and looked forward to working towards achieving a bilateral trade of US$ 5 billion in the next 5 years.
The Swedish Minister welcomed India’s offer to participate in the opportunities mentioned by Piyush Goyal, including the Investment Enclave (a ready plug and play infrastructure that will help in creating an enabling ecosystem for Swedish companies in India) and looked forward to working together on innovative and smart solutions for people from both countries.
The India-Sweden Business Leaders Round Table (ISBLRT), was an important outcome of Swedish Prime Minister, Stefan Lofven’s last visit to India in 2016, creating a robust framework for bringing the business communities of both countries closer.
Sweden has a long history of investments in India. There are over 200 Swedish companies in India, and 70 Indian companies in Sweden. Sweden is the 20th largest foreign investor in India with cumulative investment of US$ 8.51 billion between January 2003 and January 2017.