Bilateral Economic Cooperation

The long-standing bilateral trade and economic cooperation has emerged as one of the key component of India-Sweden bilateral relations. The robust partnership focuses on innovation, sustainability, and technological collaboration. The economic cooperation are driven by complementary strengths: India’s vast market and skilled workforce alongside Sweden’s advanced and cutting edge technologies.

2. Over the years, the cooperation has seen steady growth both in goods and services sectors with bilateral trade surge from USD 2.86 billion in 2016 to about USD 7 billion by 2024–2025. India is the 3rd largest trading partner for Sweden in Asia. FDI equity inflow from Sweden to India, over the years, totals USD 2.59 billion making it the 22nd largest investor in India. India’s exports include pharmaceuticals, textiles, engineering goods, and chemicals; Sweden’s exports comprise machinery, vehicles, telecom equipment, and precision instruments.

3. The number of Swedish companies with business presence in India has increased to over 280 in the last decades or so.  The Swedish companies in India are in various areas including in the automotive, energy, environment and smart cities, innovation, ICT and digitalization sectors, as well as healthcare and lifescience, defence, aerospace and retail sectors. Notable recent partnerships include an MoUs between Ministry of Port, Shipping and Waterways, GoI and Swedish company Echandia Marine AB in October and an MoU between the Government of Maharashtra and the Swedish electric boat company Candela in March 2025 paving the way for cooperation in green-technology, sustainable energy and blue economy.  IndiaAI Mission and Business Sweden, in February 2026, signed a SoI to establish the Sweden-India Technology and AI Corridor (SITAC) to foster collaboration and connect between startups, academia, and government to leverage Sweden’s R&D strengths and India’s AI talent/infrastructure.

4. The number of Indian companies presence in Sweden has increased to 75 over a similar period. Bharat Forge, Wipro, Cadila Pharmaceuticals, Aditya Birla Group, Tata Group, Compton Greaves, Altruist Technologies, HCL Techologies, Kalpataru and Indian biotech/pharma companies such as Dr. Reddy’s, Biocon, Kemwell and Cadila Pharma are some of the prominent names in Sweden.

5. The India-Sweden Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) is the driving mechanism for regular high-level engagements, dialogues and reviewing business opportunities. The last JCEISC, held in Stockholm in June 2025, was co-chaired by the Minister of Commerce & Industry Mr. Piyush Goyal his Swedish counterpart Mr. Benjamin Dousa Minister for International Development Cooperation and Foreign Trade.

6. Other bilateral institutional dialogue mechanisms, including Joint Working Groups (JWGs) on Science & Technology (last meeting held in May 2019); Digital Technologies & Economy (last meeting held in November 2022 in New Delhi); Space (last meeting in March 2024 in Stockholm); Healthcare  (last meeting held in April 2024 in Stockholm); Renewable Energy (last meeting held in December 2024-in virtual mode); Environment (last meeting was held in January 2025 in New Delhi); Defence (last meeting held in June 2025 in Stockholm) and Sustainable Urban Development (last meeting held in November 2025 in Stockholm).

7. The State visit of the President of India Shri Pranab Mukherjee to Sweden, accompanied by a large business delegation, from May 31 to June 2 2015, highlighted future cooperation in areas of Smart Cities, healthcare and innovation. At that time the President also had a closed-door Round Table with CEOs of major Swedish companies and addressed "India-Sweden Partnership – Co-creating a Brighter Future". The bilateral economic momentum was further enhanced by the visit of the Swedish PM Mr. Stefan Löfven to India on 13-14 February 2016 whence the Swedish PM participated in ‘Make in India Week’, together with PM Modi inaugurated the Make in India Centre and also visited the Swedish pavilion.  The two Prime Ministers also welcomed setting up of the India Sweden Business Leaders Round Table (ISBLRT). The ISBLRT, with the Sweden-India Business Council (SIBC) serving as the Secretariat on the Swedish side and the Confederation of Indian Industries (CII) on the India side have been working closely to strengthen economic ties, research and innovation between the two countries. 

8. The visit of PM Narendra Modi to Sweden in April 2018 created a new phase in the two countries economic engagements centering on a Joint Innovation Partnership for a Sustainable Future to co-develop solutions in smart cities, clean tech, and digital health among other sectors that aligned Indian market opportunities with Swedish innovation capabilities. Other Key outcomes include the adoption of a wide-ranging Joint Action Plan, an MoU on Intellectual Property Rights and cooperation in sustainable & Smart Urban Development, Energy & Environment and Science & Technology among others. On the margins of the COP28 Climate conference in Dubai in December 2023,  Prime Minister Narendra Modi and the Swedish Prime Minister Ulf Kristersson launched the India-Sweden Industry Transition Partnership, under the aegis of the Leadership Group for Industry Transition (LeadIT) 2.0 for the period 2024-2026.  

9. As per Department of Commerce, Ministry of Commerce and Industry, Government of India, bilateral trade data is as follows:

Trade figures:

Department of Commerce
Export Import Data Bank
Country - wise

Dated: 23 Apr 2026
Values in US $ Million

Country: SWEDEN

Note: Since 2006-07, Petroleum figures are being computed from Import Daily trade Returns (DTRs) to genetate country-wise/port-wise tables. Up to 2005-06 consolidated petroleum import figures were being received from the Petroleum Ministry.