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Swedish firms bank on India as major export hub
16
Feb '16
Swedish manufacturing companies are enthusiastic about India and see the country as a major investment destination and an important export hub, says a survey.

According to the business climate survey conducted by Swedish Chamber of Commerce India, about 70 per cent of the Swedish companies see India as a major export hub. Last year, 30 per cent of the companies expressed such sentiment, it said.

Swedish heavyweight companies like ABB, Atlas Copco, Camfil, Ericsson, Ikea, Saab, Sandvik, Scania, SKF, Tetra Pak, Volvo have substantial presence in India and have generated 1.60 lakh direct jobs in the country.

"The companies also feel that for India to truly take its place in the global value chain, there are key reforms that need to materialise," it added.

The survey covered 141 Swedish companies doing business in India in sectors like engineering products, IT/telecom, fashion and lifestyle, healthcare, automotive, services and defence.

According to the survey, the National Capital Region (NCR), Maharashtra and Karnataka form the major hubs for Swedish companies.

"About 90 per cent indicate that they will focus their investments in states they are already present in while 30 per cent are looking to expand into 3 new states - Tamil Nadu (10 companies), Rajasthan (8) and Gujarat (6)," it added.

"Last year, Odisha, Gujarat, Maharashtra, West Bengal and AP/Telangana were the top states," the survey said.

Maharashtra continued to be a very important hub for Swedish businesses, with one out of 3 companies having their head office in the state, while most manufacturing companies have some presence.

Maharashtra was favoured mainly because of the strategic location for imports and exports and proximity to strategic business partners, the survey said. (SH)

Fibre2Fashion News Desk – India

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