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Sweden expand trade ties with India

Sweden plans to strengthen bilateral trade with India. Trade between the two countries is somewhat skewed at the moment with India largely importing raw material from Sweden and exporting value-added products. India is Sweden’s 19th largest export market and the third largest trade partner after China and Japan in Asia. The main Swedish exports to India are pharmaceuticals, paper and pulp products, chemicals, engineering products and telecom equipment. The main items of Indian exports are chemical products, food products, and semi manufactured and manufactured goods.

India wants to increase food exports to Sweden. And Sweden is ready to provide the technology and know-how for improving quality to international standards. Sweden is keen on exploring the possibility of a joint project in smart textiles using viscose staple fiber, cellulosic fiber and pulp as an alternative to cotton.

Most major Swedish companies entered India decades ago but in recent years their investments have increased and Indian companies have also begun to invest in Sweden. There is significant potential for enhancing bilateral collaboration in key areas like green technologies, renewable energy, smart infrastructure, healthcare and defence. Many Swedish companies such as Ericsson, Swedish Match, SKF and ABB came to India even before it became independent.