Prelims level : India Bilateral co-operation Mains level : GS-II Bilateral Agreement Involving India
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Why in News?

  • The Commerce and Industry Minister will attend the 19th Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation in Stockholm, Sweden.

Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation:

  • It is the leading institutional mechanism of inter-governmental dialogue between India and Sweden at the level of the Ministers of Commerce and Industry in India and the Swedish Minister for Foreign Trade and EU Affairs.
  • MoUs are signed in these sessions.
  • Currently, the 19th session will happen in Stockholm. The previous session was held in May 2017 at New Delhi.

Indo-Sweden Business Relations:

  • Sweden has a long history of investments in India.
  • As of 2017, there are more than 170 Swedish joint ventures and wholly-owned subsidiaries in India.Sweden is the 20th largest foreign investor in India.
  • The existing Swedish MNCs are now expanding not only in manufacturing but also increasingly on offshore IT operations and R&D in India.
  • The sectors that have received the largest share of investments from Sweden are:
    • Automobile (33%)
    • Industrial machinery (15%)
    • Miscellaneous mechanical & engineering industries (10%)
    • Over the last decade, Indian investment in Sweden has also increased.
    • There are over 70 Indian companies including IT companies currently present in Sweden.
    • Indian pharmaceutical and biotech companies have formed collaborative relations in Sweden.

Chief Indian exports to Sweden:

  • Articles of Apparel
  • Clothing Accessories
  • Textiles Yarn
  • Fabrics
  • Manufactures of metals
  • Road vehicles
  • General industrial machinery and Equipment
  • Chief Indian imports from Sweden:
  • Pulp and waste paper
  • Road vehicles
  • Paper board
  • General industrial machinery and Equipment
  • Iron and steel
  • Power generating machinery & Equipment.
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