Undaunted by the challenges posed by the COVID19 pandemic, Swedish companies intend to double their investments in India over the next two years, according to the 13th Business Climate Survey (BCS). The BCS, titled “Towards Sustainable Growth”, has been conducted annually since 2008 by the Swedish Chamber of Commerce of India (SCCI), together with the Swedish Embassy in India, the Consulate General of Sweden in Mumbai and Business Sweden.
Try to understand the “confidence of Swedish companies in India, identify the obstacles and how they can be reduced.””In the past five years (2015-20), companies report that they have invested a total of $2 billion in India. In the coming two years (2021 and 2022), Swedish companies report that they will invest close to $1 billion in India,” according to the survey report, which highlights Swedish companies’ intentions to double their investments over the next two years.
This year, the questionnaire was sent to 210 Swedish companies located in India. Out of these, 190 responded, achieving a 90% response rate. According to the survey’s findings, in the coming year, “80 per cent of companies expect their revenues to increase significantly (34 per cent) or slightly (46 per cent) over the next year. “This has starkly changed when compared with our interim Survey in May 2020, where only 28% of respondents projected their income would increase over the next 12 months,” it noted.
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In addition to assessing the level of ecological transition and ecosystem innovation in the country, the survey also takes into consideration the increase in job opportunities and the representation of women in the workforce in India as one of the ‘key factors’ ‘which affect trade relations between the two nations. “Sweden and India’s bilateral cooperation has grown even stronger India despite the pandemic, and Swedish companies have repeatedly demonstrated that they have a long-term commitment to India.
“Therefore, I am particularly proud that the Business Climate Survey (BCS) 2021-22 has received such a high response rate and that it highlights important areas such as the green transition and women in the workforce,” said Anna Hallberg, Swedish minister for foreign trade and Nordic Affairs as quoted in a statement. There are currently more than 220 Swedish companies in India active in various business sectors, including industrial equipment, information, and electronics technology, medical technology, and healthcare pharmaceuticals, business services, consumer goods, and retail services. Together these employ more than two lakhs directly and another 2.2 million indirectly
