Piyush Goyal discusses bilateral trade-investment with Swedish foreign affairs minister

New Delhi [India], March 17 (ANI): Commerce Minister Piyush Goyal on Monday discussed with Swedish Foreign Affairs Minister Maria M Stenergard ways to further strengthen the India-Sweden bilateral trade and investment partnership.

“Discussed ways to strengthen India-Sweden bilateral trade & investment partnership further, fostering economic cooperation and opening up new business opportunities in both nations,” Piyush Goyal wrote on X, sharing photographs from the meeting.

Minister of State for Commerce Jitin Prasada was also present during the meeting.

The Swedish minister also met with his Indian counterpart, S Jaishankar, and they discussed deepening their engagement with the European Union.

On Tuesday, the Swedish foreign affairs minister will take part in the Raisina Dialogue 2025. She will be part of the session ‘The Continent Debates: Europe’s Role in the World’.

2023 marked 75 years of diplomatic relations with India, which were established in 1948 and have steadily strengthened over the decades.

Regular political engagement, intensifying business ties, and cooperation on global challenges and multilateral issues define the strong India-Sweden partnership. Innovation, Technology, Investment, and R&D collaborations provide the bedrock of this modern relationship.

Sweden’s major industries include automotive, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home appliances, mining, forestry, iron and steel.

India is the 3rd largest trading partner for Sweden in Asia.

The number of Swedish companies with a business presence in India has increased from around 150 to around 260 in the last five years or so, while the number of Indian companies with a business presence has increased from around 50 to 75 over a similar period.

There has been a regular exchange of official and business delegations over the last several years.

A range of MoUs and bilateral Agreements exist covering sectors including Science and Technology; Healthcare, Sustainable Urban Development, Renewable Energy, Railways; Space, Polar Science, and Defence. There are a number of Joint Working Groups (JWG) established under many of these MoUs. There also exist agreements on avoidance of Double Taxation, Bilateral Investment Protection and Air Services.

The Indian Diaspora in Sweden is estimated to be over 60,000, including around 42,000 Indian nationals. Most of them are professionals, predominantly in the IT sector.

There is a large number of Indian researchers and students in Sweden. There are an estimated 1,500 Indian students in Sweden. So far, around 18,000 Swedish nationals have been issued OCI cards. (ANI)