Its not just the big corporates such as IKEA, Ericson, Volvo or Saab, but dozens of technology-driven SMEs from Sweden that find India a potential destination for investments and joint ventures, according to the Scandinavian country’s Ambassador to India, Klas Molin.

Already, around 200 companies from Sweden, mostly SMEs in a wide range of sectors, are present in India. From 100, the number has doubled in the past decade, with accelerated growth in the past few years, as the ease of doing business is improving, he told BusinessLine .

To strengthen trade and technology relationships, a series of events have been held to promote incubators, clean technology ventures, joint R&D projects, etc.

“I am in Hyderabad discussing with the State chambers and industrial representatives to accelerate this,” Molin said.

Stating that GST and reforms in Customs and taxation are boosting interest and investments from Sweden, he added that the proposed free trade agreement between India and the EU, which could happen by the end of 2019, should improve trade further.

Investment hubs

While Bengaluru and Pune are major investment hubs with a sizeable presence of Swedish companies, Hyderabad is also growing fast, said Molin.

“We already have around 25 companies, including IKEA, which opened its first store in Hyderabad employing 5,000 people (1,000 direct employees) in the State. It’s poised to expand fast,” he added.

The Ambassador also saw big scope for Swedish companies through the Make in India scheme.

The challenge is to get them out of their comfort zones of Scandinavia and Europe.

Efforts and mechanisms have been put in place, he said.