Make in India offers huge potential for Swedish companies, says visiting Minister

Sweden has called for a free trade multilateral agreement to increase business cooperation with Indian businesses, visiting Minister for Business, Industry and Innovation Ibrahim Baylan said on Tuesday.

"I think we have a win-win situation that will benefit both our countries," he said while addressing the India-Sweden Business Summit here. "We look forward to enhancing our business cooperation, arguing for a free trade multilateral agreement."

Baylan said Swedish companies are eyeing great opportunities under the Make in India initiative to offer knowledge and innovative solutions in healthcare, sustainable practices and environmental protection for rapid transformation and good governance.

The minister said more than 200 Swedish companies have a presence in India. About 55 of them are manufacturing and have been able to create more than two lakh direct jobs and 20 lakh indirect jobs.

Baylan met Finance Minister Nirmala Sitharaman, who said India has reduced corporate taxes to attract foreign and domestic investments to boost economic growth.

A day earlier, President Ram Nath Kovind said there is potential for India and Sweden to do a lot more, especially in clean technologies, circular economy, water partnership and next-generation infrastructure.

He also hosted a banquet in the honour of King Carl XVI Gustaf and Queen Silvia of Sweden at the Rashtrapati Bhavan.