Corporate Affairs Minister Sachin Pilot has said that even though bilateral trade between India and Sweden has risen over the last five years, the economic ties between both the countries has not reached its potential.
During his three day visit to Sweden last week, Pilot had discussed the progress in bilateral relations with the Swedish foreign minister Carl Bildt.
"...Pilot said that though the bilateral trade has increased over the last five years, and was close to $3 billion last year, the economic engagement is still far below the potential of what was possible," an official statement said today.
The Minister also briefed Bildt about the Indian economy and discussed the continuing Eurozone crisis and its implications for both the countries.
"Pilot expressed the hope that given the excellent bilateral relations, Sweden would support India's application for observer status in the Arctic Council," it added.
Pilot also met Swedish Minister for Financial Markets Peter Norman and talked about the steps his Ministry had taken to put in place a new paradigm for the functioning of companies in India including the electronic process of registration of firms and the updated company law.
He also briefed the Swedish Minister about the role of his ministry with regard to competition policy and regulation of listed companies, the statement said.