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 20^th 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.