‘Swedish companies have a long-term view on India’

Bilateral trade between India and Sweden crossed $2 billion in 2009-10 and stood at nearly $2.5 billion in 2014-15. Bilateral trade grew steadily till 2011-12. It, however, declined in 2012-13. But, has been on the rise, thereafter. Currently, India is Sweden's 19th largest export market and third largest trade partner after China and Japan in Asia.

The main Swedish exports to India are pharmaceuticals, paper & pulp products, chemicals, engineering products and telecom equipment. The main items of Indian exports are chemical products, food products, and semi-manufactured and manufactured goods.

As many as 160 Swedish companies operate here in India and 21 Indian companies have invested in Sweden, says Anna Ferry, Counsellor, Head of Section Trade & Economic Affairs, Embassy of Sweden in India.

Recently, in Kolkata, to attend the Sweden India Nobel Memorial quiz, Ferry spoke on bilateral trade, improved investment climate in India, smart cities, free trade agreement with the EU and tourism. Edited excerpts:

How do you see bilateral trade volumes move between the two nations? Would slowdown impact trade volumes?

I think the Indian and Swedish economy both are doing pretty well. I don’t foresee any slowdown in trade volumes between the two countries.

What is your take on the investment climate in India?

The Business Climate Survey — carried out by the Swedish Chambers of Commerce India (SCCI); Consulate General in Mumbai, (Swedish) Embassy and Business Sweden — was launched in January this year. It is done amongst the 160-odd Swedish companies (of which 110 participated).

The survey shows that the majority of companies are planning to invest in the next three years. What is interesting is how this will materialise. When it comes to Swedish companies, they have a long-term view on India. What these companies also tell us is that they look positively at the reforms agenda that this government has set.

The ease of doing business, Make in India and the smart city project and a number of (other) initiatives that have been taken, where Swedish companies fit pretty well.

Sweden is known for urban development and with the Smart City projects on track, what is the scope that Swedish companies see now?

When the Indian President Pranab Mukherjee visited Sweden in June this year, a memorandum of understanding was signed then on urban development (between the two governments). The Indian government is also making a push on smart cities.

So, we are going to explore how and in what ways we can collaborate more closely and also see how Swedish companies can contribute to the development of smart cities in India.

Swedish companies also have their competencies when it comes to technology relating to improving air and water qualities, connectivity, retail spaces and smart-living. I think it’s a very exciting and interesting time to be here and contribute.

India signing the Free Trade Agreement with the European Union is long overdue. What is Sweden doing in this regard?

From the Swedish government’s perspective, we would welcome a free trade agreement (between EU and India). We would like the talks to resume.

However, I must mention that we (Sweden) can only talk with other EU colleagues and suggest that the talks resume. In practice, Sweden bilaterally cannot go and tell the Indian government to resume talks.

Indians are increasingly taking to Europe for tourism. Has this translated to increased tourism for you?

Figures from Visit Sweden (the Swedish tourism board) show that the number of guest nights for Indians stood at around 155,203 in 2014. This was 58 per cent increase from 2013, the highest compared to other countries. Visit Sweden will come to India in the end of October to explore the potential here. They might participate in tourism fairs and such alike.

European nations have also been promoting themselves as tourist destinations by facilitating Bollywood film shoots. Any such plans from your side?

It’s a very good idea. But the major difference is there are some countries that have subsidies and tax rebates (for facilitating film shoots). Sweden though does not have that. It’s not so easy to compete with these other countries. However, as of now, I have not heard of any rebates being provided though.

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