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SWEDEN’S LONG-TERM INDIA COMMITMENT UNFAZED BY PANDEMIc

– Business Climate Survey 2021/22 key findings reflect

Swedish Companies’ continued confidence in India –

– Indicate signs of doubling India investments –

New Delhi, 28 October 2021: The 13th edition of the Business Climate Survey (BCS) shows that the confidence of Swedish companies doing business in India is far more favourable than the pandemic year in 2020, with a positive emphasis of the ease of doing business here.

The Business Climate Survey conducted annually since 2008 by the Swedish Chamber of Commerce India (SCCI), along with the Embassy of Sweden in India, the Consulate General of Sweden in Mumbai and Business Sweden, is an attempt to understand the confidence of Swedish companies in India, to identify the obstacles and how they can be reduced.

This year, the questionnaire was sent out to 210 Swedish companies established in India.190 responded, rendering a response rate of 90%.

According to Anna Hallberg, Swedish Minister for Foreign Trade and Nordic Affairs:

“Sweden and India’s bilateral cooperation has grown even stronger despite the pandemic a

Swedish companies have repeatedly shown that they have a long-term commitment to India. I am therefore particularly proud that the 2021/22 Business Climate Survey (BCS) has received such a high response rate and that it highlights important areas such as green transition and women in the workforce. The BCS provides valuable information on the business climate in India, as perceived by Swedish companies. It is therefore of great importance to the Swedish Government and a significant contribution to the preparations for the upcoming meeting of the Joint Commission for Economic, Industrial and Scientific Cooperation and to the preparations of the upcoming trade negotiations between India and the EU.”

There are over 220 Swedish companies in India today, active in many different business sectors, such as Industrial Equipment, IT & Electronics, Healthcare MedTech & Pharma, Business Services, Retail Consumer Goods & Services, Automotive Heavy Vehicles & Auto Components. More companies in the sector of Environmental Technology & Energy (Water, waste, HVAC, etc) are entering. Together these employ over 200,000 directly and another 2.2 million indirectly.

Speaking at the launch of the BCS, Ambassador Klas Molin said: “Swedish companies continue to thrive in India. Even in the wake of the challenges posed by the pandemic, Swedish companies have continued to invest, expand, and believe in India. As reflected in the Business Climate Survey, it is highly encouraging to see that so many Swedish companies are planning to increase their investments in India in the years ahead.”

This year’s survey, titled ‘Towards Sustainable Growth’, reflects the commitment shown by Swedish companies over their long-term association with India, given the country’s business environment, which is deemed supportive and encouraging with promising growth prospects

Given the pandemic hurling the global economy upside down and pressing the world to move towards more climate-friendly business processes, the survey also assesses the level of green transition and innovative ecosystem in the country. Besides, it also takes into account the increase in job opportunities and representation of women in the workforce in India as one of the key factors influencing business dealings between the two nations.

“The well-being and safety of its people is fast becoming an important priority for companies. Agility, adaptability, and resilience of human capital will be the bedrock of future success. While we witness a clear resurgence in economy and business, our greater focus will now be on inclusiveness and gender equity across sectors. The Chamber is committed to this higher purpose,” said Kamal Bali, Chair of the Swedish Chamber of Commerce India and Managing Director & President Volvo Group India.

Currently Swedish companies’ focus is on sustainable investments and integrated growth in India.

 

 

 

 

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