Lend Your Expertise and We Will Give You Capacity, Says President to Swedish Investors

The President of India, Shri Pranab Mukherjee attended a round table discussion withbusiness leaders and entrepreneurs of India and Sweden today (June 2, 2015) in Sweden.Later he also addressed a Business Seminar on the topic ‘India-Sweden Partnership –Co-creating a brighter future’.

The Swedish CEOs who attended included Jacob Wallenberg, Chairman Investor; Hans Vestberg, President and CEO Ericsson; Håkan Buskhe, President and CEO SAAB; Olof Faxander, President and CEO Sandvik; Anders Grundströmer, Senior VP Scania/MD of Scania India; Carl-Henric Svanberg, Chairman Volvo Group and Göran Westerberg, CEO Rusta.

The Swedish CEOs said they are planning to increase their investments and employ more people in India. They warmly welcomed the Government’s ‘Make in India’ Initiative as well as other reform measures underway while they also drew attention to the challenges in doing business in India.

Speaking on the occasion, the President assured the CEOs that the Government of India is responsive to industry and investors. It is creating an appropriate atmosphere in the country to promote investment and manufacturing. A constant dialogue between investors and officials will help at the arrival of solutions to specific problems.

Addressing the Business Seminar later, the President said India-Sweden business relations date back to the early 20th century when Ericsson brought manual switches and telephone systems to India. Swedish Match established its facility (WIMCO) in India in 1926. Since then, many other Swedish companies have established operations in India. There are 170 Swedish joint ventures and wholly owned subsidiaries in India. Investments have also begun to flow from India to Sweden with around 50 Indian companies present in Sweden.

The President urged businessmen of both sides to reinvent India-Sweden relations and give it new dimensions. Welcoming theenthusiasmshown by Swedish firms in investing in India, he said the three Ds of India - Democracy, Demography and Demand will ensure that their investments are a huge success.

Pointing out that India is going to become a US $ 8 trillion economy in PPP terms by the end of this year and its international trade will soon cross US $ 1 billion, the President called upon Swedish investors to lend their expertise. He said India will give them the capacity required. He said India and Sweden should share their collective wisdom to move forward together.

The President used the occasion to announce the grant of e-Tourist visa for all Swedish nationals.

This release issued at 1900 hrs.