Located in Northern Europe bordering Baltic Sea, Gulf of Bothnia, Kattegat, and Skagerrak, Sweden is a highly developed country with a mixed economic system – a combination of centralized economic planning and government regulation and a variety of private freedom. It is a member of the European Union (EU). Sweden’s economy is highly developed and value added export oriented. The country’s economy has suffered due to the pandemic and the current Russia-Ukraine conflict. Growth in Sweden is expected to be 1.9 per cent in 2022 and 1.1 per cent in 2023 before increasing to 2.1 per cent in 2024. However, some recovery is expected as the labour market has improved considerably and has also led to growing private consumption. Going forth employment situation is also expected to become better.
India and Sweden share longstanding diplomatic and peaceful relations based on strong linkages in business, investment and R&D. India is home to some major Swedish companies since decades which include Ericsson, Swedish Match Co., SKF, and ABB. In 2021, the Swedish government organized a series of breakfast seminars named the “Time for India” which provided key insights regarding business and investment opportunities in India and Sweden. The seminars aimed at addressing the opportunities that are available for Swedish businesses in India and Indian businesses in Sweden and thereby increase the bilateral flow of goods and services. Sweden is an important trading partner for India in Northern Europe. Major items of exports from India to Sweden include Machinery, Textiles of various kinds, automobile parts, organic chemicals, etc. Major items of import from Sweden to India include large machineries, iron and steel items, paper and paperboard materials, vehicles, medical and scientific instruments, etc. As India is negotiating an FTA with the EU, it is expected to further boost India’s trade with Sweden.
Engineering is one of the major sectors of bilateral trade between India and Sweden. India’s engineering exports to Sweden for 2020-21 was valued at US$ 411 million compared to US$ 271 million during same period last fiscal registering a positive growth of 51.3%.
Elmia Subcontractor is a premier subcontracting show in Sweden and is considered a leading exhibition promoting knowledge, innovation and manufacturing in Northern Europe. The exhibition brings together companies from almost all sectors of the subcontracting industry - including the automotive industry, the mechanical engineering industry and the electrical/electronics industry. The exhibition offers exporters the opportunity to look for new markets in Northern Europe. Participation in the exhibition will be critical for the Indian exporters to expand their presence in Europe especially in the aftermath of the post-pandemic supply chain disruptions.