Defence Minister Rajnath Singh on Tuesday invited Swedish firms to invest in the defence corridors in Uttar Pradesh and Tamil Nadu and also to collaborate in ship building.
There is a huge potential for more India-Sweden partnerships, Singh highlighted the strong capabilities of the Indian defence industry in various fields and its willingness to collaborate with the Swedish companies for co-development and co-production in areas of mutual interest.
Addressing a webinar on India-Sweden defence industry cooperation, Singh said that bilateral trades and investment between India and Sweden have increased tremendously in recent years, with trades increasing from $3 billion in 2016 to $4.6 billion in 2019.
‘This growth is spectacular and can be attributed to the increase in the number of Swedish companies in India, as well as Indian companies in Sweden. India is also the third largest trading partner of Sweden in Asia. This shows our robust business ties,’ Singh said.
The Defence Minister said that historically, the two countries have had a great relationship, which reflects not only common values but also commitment to global peace and security.
Rajnath further said, ‘Our strong bilateral relationship is also based on strong business and R&D linkages. Our Embassy in Sweden, as well as the Swedish Embassy in India, is actively engaged in promoting these economic linkages through the organisation of events in the host countries.’