India's open FDI policy offers conducive environment for Swedish businesses: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India's open foreign direct investment policy offers a conducive environment for Swedish businesses to explore opportunities.

Goyal is in Stockholm for a meeting of the Indo Swedish Joint Commission for Economic, Industrial and Scientific Cooperation.

The minister urged the Swedish side to look at more cost-effective technological solutions that may be adopted by the Indian market and will help Swedish companies to scale up their operations.

He assured them that India is committed to a balanced outcome for the BTIA (bilateral trade and investment agreement) that finds a mutually acceptable way forward for both the sides.

The agreement is being negotiated between India and European Union.

"India's open FDI policy provides for a conducive environment for Swedish businesses to take advantage of and serve the local and export markets from India," an official statement said quoting the minister.

Goyal also invited all companies to come forth with new and innovative technologies for the India Railways that are cost competitive and can be adopted.

There is a target to achieve a bilateral trade of USD 5 billion in the next five years from the current USD 2.11 billion.