18 May,2026 09:52 AM IST | Gothenburg | mid-day online correspondent
Prime Minister Narendra Modi. Pic/PTI
Prime Minister Narendra Modi on Sunday invited Swedish and European companies to increase investments in India across sectors such as clean energy, advanced manufacturing, semiconductors and digital infrastructure, while asserting that the country's reform agenda is progressing at "full speed".
Speaking at the European Round Table for Industry (ERT) during his visit to Sweden, PM Modi said India is positioning itself as a major global destination for investment, innovation and manufacturing through large-scale economic reforms and infrastructure development.
Addressing European industry leaders, PM Modi highlighted opportunities for collaboration in telecom, digital infrastructure, artificial intelligence, deep-tech manufacturing, electronics, healthcare, mobility and green energy sectors.
He said India is looking to strengthen its role as a global research and development hub and encouraged companies to participate in India's flagship initiatives over the coming years.
"The next wave of technology innovation should be co-created in India," PM Modi said during the interaction.
The Prime Minister added that India's economic transformation has been driven by reforms, governance improvements and infrastructure expansion over the last decade. He also pointed to the country's young workforce and expanding middle class as major growth drivers.
PM Modi urged Swedish companies to expand their presence in India through initiatives such as "Make in India", the National Green Hydrogen Mission and the National Critical Mineral Mission.
He highlighted opportunities in sectors including defence manufacturing, semiconductors, clean energy and advanced industrial technologies. Discussions also focused on cooperation in resilient supply chains, sustainable mobility, life sciences and digital technologies.
According to the Ministry of External Affairs, PM Modi said India and Sweden are building a long-term industrial partnership that goes beyond traditional buyer-seller ties.
The Prime Minister also welcomed growing India-European Union ties and referred to the recently concluded India-EU Free Trade Agreement negotiations. He described the deal as a significant economic partnership expected to create opportunities in trade, manufacturing, services, technology and supply chains.
Referring to comments previously made by European Commission President Ursula von der Leyen, PM Modi said the agreement had been described as the "mother of all deals" and noted that both sides are working towards its implementation.
He also mentioned the India-Middle East-Europe Economic Corridor (IMEC) as an important connectivity initiative that could further strengthen business ties between India and Europe.
The roundtable meeting was hosted by Volvo Group and attended by Swedish Prime Minister Ulf Kristersson, senior European business leaders and representatives of leading Indian and European companies.
During the visit, PM Modi also interacted with Crown Princess Victoria of Sweden and select Swedish CEOs. He said India and Sweden share common values such as democracy, innovation, transparency and sustainability, which provide a strong foundation for closer economic cooperation.
PM Modi suggested holding an India-Europe CEOs roundtable every year and proposed the creation of an India Desk within the European Round Table for Industry to facilitate stronger industry engagement.
The discussions focused on strengthening long-term cooperation in sustainable growth, technological innovation and industrial partnerships between India and Europe.
(With inputs from PTI)
