Indian ambassador to Sweden Ashok Sajjanhar has said that there is huge scope for improvement in bilateral ties between India and Sweden. Stating that the two economies complement each other, the envoy said both countries could mutually gain from enhancement in economic ties on the political, economic and commercial front.

Incidentally, a major chunk of India’s exports to Sweden comes from the SME stable such as chemical, food products, textiles and garments and semi-manufactured and manufactured goods like machinery. Also, some sectors having significant SME-presence, such as IT, biotechnology, telecommunications and auto, are underscored as areas for cooperation between India and Sweden. With further enhancement of bilateral trade, Indian SMEs in these sectors are likely to benefit the most.

Notably, 15 major Indian IT firms have offices in Sweden and their total exports to the latter country are estimated to be worth US$600 million. Therefore, strengthening of bilateral ties is also likely to encourage many IT-based SMEs in the country to look for investment opportunities in Sweden.

Incidentally, Mr Sajjanhar’s comments come in the wake of a recently released survey released by the Swedish Chamber of Commerce India (SCCI), which stated that Swedish companies were optimistic about the Indian business environment.

Sreemita Bhattacharya