As India continues its fast financial progress, this occasion in New Delhi on Tuesday underscored the deepening strategic collaboration between Swedish and Indian companies. The occasion additionally showcased Sweden as a worldwide innovation chief, highlighting alternatives for collaboration in science, know-how, and sustainability.
The occasion was attended by Swedish officers, together with Jan Thesleff, Ambassador of Sweden to India, Sven Östberg, Consul Basic of Sweden in Mumbai, Sofia Högman, Commerce Commissioner of Sweden to India, Kamal Bali, Chairman of the Swedish Chamber of Commerce India (SCCI) and President & MD of Volvo Group in India, and Sara Larsson, CEO of Swedish Chamber of Commerce India (SCCI).
The occasion additionally featured CEOs and senior management from main Swedish firms resembling IKEA, Volvo Group, Epiroc, Getinge, Atlas Copco India, and Truecaller, additional illustrating Sweden's sturdy engagement in India's rising market.
Sweden has persistently confirmed to be a dependable companion to India, actively contributing considerably to India's inexperienced transition, innovation, and digitalization efforts. Over 280 Swedish firms at the moment function in India, actively contributing to India's financial and sustainability objectives. These firms make use of over 220,000 folks in India immediately, with a further 2.2 million folks not directly employed, notably by investments in native manufacturing and sourcing. Swedish firms are increasing their operations in India, specializing in manufacturing, innovation, and native sourcing to satisfy the calls for of each home and world markets.
Equally, Sweden has change into a beautiful vacation spot for Indian investments, with over 70 Indian firms now working within the nation. Notable Indian corporations with a presence in Sweden embrace Bharat Forge, TCS, L&T, and KPIT, highlighting the rising enterprise collaboration between the 2 nations. The occasion additionally touched upon the deal with inexperienced transition and local weather objectives, with India and Sweden working collectively by initiatives such because the Inexperienced Hydrogen Cluster and the Management Group for Trade Transition (LeadIT) 2.0, launched by the honorable Prime Ministers at COP28. Equally, the occasion additionally highlighted areas of excessive potential for deepened collaboration to drive future improvements, resembling AI, quantum, area know-how, life sciences, and 5G/6G.Talking on the occasion, Thesleff remarked, “India and Sweden's financial ties are rising quickly, reflecting the complementary strengths of our economies and the mutual advantages of our partnership. Our collaboration is future-oriented, anchored in innovation, inexperienced transition, and sustainability. As we mark 20 years of science and know-how cooperation, we're proud to drive joint breakthroughs in AI, area tech, life sciences, and e-mobility.”
Highlighting Western India's significance, Östberg, mentioned, “Over 100 of the 280+ Swedish firms working in India have established a robust presence in Western India. This enduring enterprise sambandh, rooted within the Nineteen Sixties with the arrival of Swedish pioneers like SKF, Tetra Pak, and Alfa Laval in Pune, has solely grown stronger over the many years. Right this moment, the area continues to draw a brand new wave of Swedish innovation, with tech-driven firms resembling Spotify, Storytel, Lektus, GoMo, and Spoltojoining the ranks and enriching the bilateral enterprise panorama,”
Sofia Högman, Commerce Commissioner of Sweden to India added, “The sturdy collaboration between India and Sweden can also be mirrored in Indian FDI in Sweden. With a progress of 191% over the previous 5 years, we see nice curiosity from Indian firms, notably in sectors resembling Digitech, automotive, EV and renewables. The funding by Indian firms in Sweden has not solely contributed in high-skilled job creation however has additionally furthered widespread innovation and sustainability agendas between each nations.”
Bali, mentioned, “The Swedish enterprise fraternity is in a superb place to play pivotal function in India's financial journey – investing in folks, cutting-edge applied sciences, and sustainable options, for long-term true worth creation for each nations.”
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