New Delhi, Oct 22 (IANS) India and Sweden are aiming to double bilateral trade and investment by 2030 under their newly upgraded strategic partnership with emerging technologies, artificial intelligence (AI) and innovation expected to play a central role in deepening economic ties, Indian Ambassador to Sweden Anurag Bhushan said on Thursday.
In an interview with IANS, Bhushan said the new framework goes beyond traditional economic engagement and seeks to build what both countries describe as a next-generation economic relationship.
The remarks come months after Prime Minister Narendra Modi’s visit to Sweden in May 2026 during which the two countries elevated their relationship to a strategic partnership and adopted a roadmap for cooperation across key sectors.
“The two Prime Ministers have set a clear objective of doubling bilateral trade and investment by 2030,” he said.
Economic cooperation forms one of the four pillars of the strategic partnership alongside security, emerging technologies and people-to-people ties, according to him.
The focus since the summit has been on translating political commitments into commercial outcomes through a five-year action plan agreed by the two governments, Bhushan told IANS.
He pointed to a series of high-level visits and business engagements since the summit, including delegations from Indian states and industry bodies to expand investment and partnership opportunities.
A major pillar of the relationship is the proposed Sweden-India Technology and Artificial Intelligence Corridor which seeks to strengthen collaboration in emerging technologies, innovation and advanced digital infrastructure.
Bhushan said both countries possess strong innovation ecosystems and globally competitive startups, creating significant opportunities for cooperation in artificial intelligence, information technology and future communications technologies.
“Sweden is a major technology and AI player, while India offers scale, talent and a rapidly growing market,” he said.
Moreover, the envoy highlighted Gothenburg’s position as a hub for Sweden’s technology and AI industries saying that the city could become an important centre for collaboration involving companies, startups and research institutions from both countries.
He noted that Swedish firms possess advanced technological capabilities but operate in a relatively small domestic market, making India an attractive destination for expansion, testing and deployment of next-generation technologies.
The proposed corridor is expected to encourage joint research, startup partnerships, business collaborations and cross-border investments in areas such as AI, digital innovation and 6G-related technologies, he said.
Bhushan also pointed to growing commercial engagement between the two countries, noting that the number of Swedish companies operating in India has risen from about 275 a year ago to around 300.
He said the two sides are promoting a ‘Make in India, Make with Sweden’ model that combines Swedish technology and innovation with India’s manufacturing ecosystem and market scale.
Looking ahead, Bhushan said the proposed India-Sweden bilateral summit in India in 2027 would provide a platform to bring together businesses, investors and policymakers from both countries and develop a roadmap aligned with the long-term vision of strengthening ties through 2047.
He also underscored the importance of initiatives such as India-Sweden Innovation Day, which he said help connect startups, governments, research institutions and private companies to identify practical areas of cooperation.
“These platforms help convert the strategic partnership into tangible outcomes,” Bhushan said.
–IANS
ag/
