India invites Sweden to exploit its economic potential

Piyush Goyal
Commerce and Industry Minister Piyush Goyal attended 19th Indo-Swedish JCEC in Stockholm in Sweden

New Delhi (NVI): Aiming to expand economic and trade ties between India and Sweden in the areas of electromobility, road safety, space research, ayurveda and naturopathy, the Commerce and Industry Minister Piyush Goyal has invited Swedish business community to join hands with Indian Industries.

The invite came during his address to Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC) in Stockholm in Sweden here on October 23rd, an official statement said.

The protocol of the JCEC provides a roadmap for taking Indo-Swedish Economic, Industrial and Scientific Cooperation to a higher level between the businesses and the Government of both countries.

Citing innumerable opportunities available in India under all the different industries including road, railways, highways, renewable energy, housing, smart cities and healthcare, Goyal invited Swedish business community to support and grab these opportunities.Piyush Goyal 2Discussing areas of cooperation for both sides as the JCEC event, Goyal reiterated the importance placed by the Prime Ministers of both the countries on the Joint Action Plan and Joint Declaration on Innovation Partnership.

He also highlighted the potential of the Indo-Swedish partnership under the Memorandum of Understanding in innovation, energy, healthcare, defence, Sustainable Urban Development and railways.

Meanwhile, Swedish Minister for Foreign Trade Anna Hallberg agreed with Piyush Goyal that India offers an immense opportunity for Swedish businesses.

She highlighted, “Trade and investment could be taken to a higher level,” adding, “There are more than 200 Swedish companies in India and more than 70 Indian companies in Sweden.”

Commerce & Industry Minister proposed the setting up of an Investment Enclave for Swedish investors in India with ready plug and play infrastructure that will help in creating an enabling ecosystem for Swedish companies in India, which was well received by the Swedish side.

Piyush Goyal

Both sides also agreed for greater cooperation between the Start-up ecosystems of both countries, said an official statement.

The Indian and Swedish sides complemented the Investment Facilitation Mechanism implemented through Department for Promotion of Industry and Internal Trade and Invest India in coordination with the Embassy of Sweden which has successfully resolved issues being faced by many Swedish companies in India, it added.