Both sides also emphasise the need for early conclusion of a mutually beneficial India-EU Free Trade Agreement
India and Sweden have decided to explore bilateral cooperation in new emerging technologies like semiconductors, green steel, and green batteries.
Meeting in Stockholm on Friday (May 3, 2024) for the 7th session of Foreign Office Consultations (FOC), the two sides welcomed the progress in all areas of bilateral cooperation. Representatives from India and Sweden also exchanged views on cooperation in the reform of the UNSC, especially in the build up to the Summit of the Future, the Ministry of External Affairs (MEA) said on Saturday (May 4, 2024).
According to the MEA, they deliberated on the way forward in priority sectors of Innovation & sustainability, trade & investment and stressed on the need to focus on new emerging technologies like semiconductors, green steel and green batteries. The contribution of LeadIT (Leadership Group on Industry Transition) under India Sweden Industry Transition Partnership in combating climate change found a special mention, the MEA said.
During the FOC, the two sides also discussed security aspects including cyber security and counter terrorism and agreed to consider having joint collaborations in the defence sector.
Appreciating the robust and fast-growing economic ties, they noted the importance of holding the India Sweden Innovation bridge, India Sweden Innovation Day, India Sweden Sustainability Day as an important step towards further enhancing B2B relations. They also appreciated the presence of a large Indian community in Sweden, which forms an important link, the MEA said.
“They noted with satisfaction the growing cooperation to further strengthen India-EU bilateral cooperation and emphasized the need for early conclusion of a mutually beneficial India-EU FTA. Both sides also exchanged views on regional and global issues of mutual interest,” the MEA added.
The two sides adopted a wide-ranging Joint Action Plan and signed a Joint Innovation Partnership during the 2018 visit of Prime Minister Narendra Modi to Sweden. The first high level Dialogue on Innovation Policy was co-chaired by Prime Minister Modi and the King of Sweden in December 2019. PM Löfven was the Chief Guest at a 2016 Make in India event and Sweden hosted a major Make in India event in 2017.
India Sweden Trade and investment have grown rapidly in recent years. According to official data, trade in goods has increased from USD 3 billion (2016) to USD 5.5 billion (2022). India is the 3rd largest trading partner for Sweden in Asia. The number of Swedish companies with business presence in India has increased from around 150 to around 260 in the last five years or so. The number of Indian companies with business presence has increased from around 50 to 75 over a similar period.