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PM holds roundtable with top Swedish CEOs, asks them to invest in India

Press Trust of India  |  Stockholm 

Modi today invited top Swedish firms to invest in and said stronger bilateral business relations would augur well for the people of the two countries.

Modi, who held talks with his Swedish counterpart earlier in the day, was welcomed by children in traditional Indian costume on his arrival at the City Hall here to attend the Roundtable Meeting with Swedish CEOs.

"Stronger business relations between and augur well for the people of our nations. Met a group of leading Swedish CEOs at the roundtable in Stockholm," Modi tweeted after he and Lofven interacted with top Swedish business leaders.

Modi exhorted top Swedish CEOs to invest in and participate in flagship initiatives, said.

"remains a valued partner for the @makeinindia initiative. PM highlighted the various investment opportunities in India," a tweet on the PMO handle said.

Carsten Gronblad, Sweden's to India, said around 30 CEOs or representatives of firms participated in the meeting.

"One of the main message from the speakers was that they consider India as a very strategic market and that they would like to partner India meeting certain challenges.

"If we look at Swedish investments, they are increasing over the last few years. Swedish companies have committed to invest USD 1.1 billion in India over the next two years," he told

The companies from have already invested USD 1.5 billion in India over the last three years, Gronblad said.

This cumulative investment in India over a span of five years is more than that had been done over the last 20 years, he noted.

The major investors would be the likes of Ikea, and trucks, he said.

Charles Frump, MD of Car India, who attended the meet, said shared their vision of electrified vehicles with Modi and stated how it was in line with the Indian government's vision.

One of the key feedbacks from companies participating was how red-tape can be further reduced, Frump said.

Juvencio Maeztu, IKEA Group, and Hakan Buskhe, Saab, were among the top business leaders who attended the roundtable.

Sweden has a long history of investments in India. Many of the major Swedish companies such as and (WIMCO) entered India even before it became independent.

Since then, numerous other Swedish companies such as Atlas Copco, Sandvik, Alfa Laval, Volvo, Zeneca and have invested in India.

Though the bilateral trade fell to USD 1.9 billion in 2016-17, as compared to about USD 2.17 billion in 2015-16, Swedish investments and other economic activities in India have been on the rise.

India's exports to Sweden amounted to USD 710 million, while India's imports from the nordic country totaled USD 1,160 million in 2016-17.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 20:25 IST