‘Swedish firms see India as perfect trade partner, raising investments’ | business | Hindustan Times
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‘Swedish firms see India as perfect trade partner, raising investments’

business Updated: Feb 13, 2016 20:57 IST
Stefan Lofven

Prime Minister of Sweden Stefan Lofven addresses during the inauguration of the Make in India Week in Mumbai on Saturday. (PTI)

Swedish companies are looking to increase their investments in India, Sweden’s Prime Minister Stefan Lofven said on Saturday as he joined Narendra Modi to inaugurate the Sweden Country Pavilion at the Make in India Week (MIIW) in Mumbai.

Lofven is accompanied by a high-level delegation consisting of government officials, heads of agencies and industry leaders to participate in the ‘Make in India’ Week. The Scandinavian nation has one of the largest delegations at the jamboree.

“Swedish industry has always believed in India as a perfect trading partner-right from the time Ericsson laid the first cables in 1903 to the current times when our companies are looking to raise their investments and their manufacturing units here,” Swedish Ambassador to India Harald Sandberg said.

There are around 160 Swedish companies operating in the country employing 160,000 people directly and 1.1 million indirectly.

Over 18 Swedish companies are participating in the mega event, where the theme of its pavilion is ‘Smart Manufacturing’.

Some of the biggest Swedish participants include ABB, Atlas Copco, Camfil, Ericsson, Ikea, Saab, Sandvik, Scania, SKF, TetraPak and Volvo.

Forty-five per cent of the Swedish companies directed their investments to Maharashtra and 85% of them continue to invest in the State.

“For Sweden, which is striving to be an open innovation-driven economy, India is a natural partner and Maharashtra is one of the most important hubs,” said Fredrika Ornbrant, Consul General of Sweden in Mumbai.

At the pavilion, the companies are displaying various innovations and products that they make in India and will also talk about how Sweden has been able to achieve its status as a high quality country through smart manufacturing.