PM Modi urges Swedish firms to expand investments in India, says reform push moving at ‘full speed’

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 countryrsquos reform agenda is progressing at ldquofull speedrdquoSpeaking 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 largescale economic reforms and infrastructure developmentPM Modi pitches India as global manufacturing and innovation hubAddressing European industry leaders PM Modi highlighted opportunities for collaboration in telecom digital infrastructure artificial intelligence deeptech manufacturing electronics healthcare mobility and green energy sectorsHe said India is looking to strengthen its role as a global research and development hub and encouraged companies to participate in Indiarsquos flagship initiatives over the coming yearsldquoThe next wave of technology innovation should be cocreated in Indiardquo PM Modi said during the interactionThe Prime Minister added that Indiarsquos economic transformation has been driven by reforms governance improvements and infrastructure expansion over the last decade He also pointed to the countryrsquos young workforce and expanding middle class as major growth driversFocus on clean energy and advanced sectorsPM Modi urged Swedish companies to expand their presence in India through initiatives such as ldquoMake in Indiardquo the National Green Hydrogen Mission and the National Critical Mineral MissionHe 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 technologiesAccording to the Ministry of External Affairs PM Modi said India and Sweden are building a longterm industrial partnership that goes beyond traditional buyerseller tiesIndiaEU trade agreement highlighted during discussionsThe Prime Minister also welcomed growing IndiaEuropean Union ties and referred to the recently concluded IndiaEU Free Trade Agreement negotiations He described the deal as a significant economic partnership expected to create opportunities in trade manufacturing services technology and supply chainsReferring to comments previously made by European Commission President Ursula von der Leyen PM Modi said the agreement had been described as the ldquomother of all dealsrdquo and noted that both sides are working towards its implementationHe also mentioned the IndiaMiddle EastEurope Economic Corridor IMEC as an important connectivity initiative that could further strengthen business ties between India and EuropeSwedish and European leaders attend industry roundtableThe 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 companiesDuring 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 cooperationPM proposes annual IndiaEurope CEOs roundtablePM Modi suggested holding an IndiaEurope CEOs roundtable every year and proposed the creation of an India Desk within the European Round Table for Industry to facilitate stronger industry engagementThe discussions focused on strengthening longterm cooperation in sustainable growth technological innovation and industrial partnerships between India and EuropeWith inputs from PTI