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India and Sweden today agreed to set up a mechanism to facilitate investments for companies on both the sides.
The issue was discussed during the 18th session of India-Sweden Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC), which was held here today.
"The two sides agreed to establish mechanisms for Swedish/Indian companies to facilitate their investments and business in India and Sweden," the commerce ministry said in a statement.
The two sides also identified telecommunications, sustainable urban transport and road safety, traditional medicine and food science & technology as other areas to increase cooperation.
The Indian delegation was led by Commerce and Industry Minister Nirmala Sitharaman and the Swedish delegation by Minister for Trade and EU Affairs Ann Linde.
The two sides agreed for regular meetings between Indian and Swedish governments and businesses for facilitating investments, it said.
The two countries are also working towards a Memorandum of Understanding to strengthen cooperation in the field of Intellectual Property, it added.
Both the sides agreed to conduct mid-term reviews on the progress of achievements in Sweden and India, alternatively.
The bilateral trade stood at USD 2.16 billion in 2015-16. India has received only USD 1.26 billion FDI from the European country during April 2000 and December 2016.
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