Narendra Modi invited companies from Sweden to expand their footprint in India by emphasising the potential benefits that can be realised in sectors such as manufacturing, clean energy, and advanced technology. During the visit, while addressing a business session in Gothenburg, he motivated the corporate sectors in Sweden to take part in initiatives like Make in India, National Green Hydrogen Mission and the National Critical Mineral Mission. The Prime Minister Narendra Modi emphasised that both India and Sweden had much in common in terms of values, which include democracy, transparency, innovation and sustainability.
India’s economic transformation was emphasised by PM Narendra Modi with respect to growing domestic market demand, digital public infrastructure growth, and investment in next-generation projects, among other things. PM Narendra Modi said that India is one of the fastest-growing economies in the world and challenged European companies to participate in India’s economic growth strategy. The meeting focused on green technology, clean energy, semiconductor manufacturing, artificial intelligence, and advanced manufacturing. The Swedish private sector currently participates in many sectors of the Indian economy, including automotive, engineering, and sustainable technology. India and Sweden upgraded their bilateral relationship to a strategic partnership during PM Modi’s visit. This partnership includes a new joint action plan for 2026-2030.
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The purpose of the agreement is to expand cooperation between India and Sweden in the areas of trade, technology, defence, climate action, and innovation. The Swedish Prime Minister, Ulf Kristersson, and Prime Minister Narendra Modi also touched upon the subject of increasing industrial cooperation and investing in each other’s economies. It was suggested that both countries seek to expand their trade relationship and economic engagements by a large margin during the next five years. The current visit is part of India’s larger policy approach of increasing its connections with European countries and bringing in more investments from foreign companies into important industries. There are many benefits associated with increased cooperation between India and Sweden, such as innovation, sustainability, and diversification of their supply chains.
