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8 out of 10 Swedish firms want to expand operations in India
Posted on: 13 Dec 2013  |   Tags: SCCI , Swedish Ambassador , Swedish companies ,

A survey says that despite the present economic slowdown, the appetite of Swedish companies to invest in India is growing impressively.

India SwedenSwedish Chamber of Commerce in India (SCCI) conducted the Business Climate survey, which found that 8 out of 10 firms from Sweden are looking to widen their operations in India.

Swedish Ambassador to India, Harald Sandberg said the optimism and positive outlook of Swedish companies towards the Indian market’s business potential is definitely very encouraging.

Owing to this trend is the fact that since 2007, there has been a boost of 85% in the number of Swedish companies that integrated into the Indian market.

Kandarp Singh, SCCI Chairman said that the past few years have seen the evolution of several roadblocks in the growth trajectory of Indian economy. One of the highlights of this survey is, he said, despite the ambiguous outlook, Swedish companies continue to be bullish and above all, they intend to invest further in both human and physical capital.

Simultaneously, there is also a fierce desire for quickening of reforms in particular areas that are seen as sentiment dampeners and roadblocks – particularly in the areas of workforce availability, taxation and labor laws.

The survey revealed that, 71% Swedish companies are trying to increase their Indian workforce in the coming months.

However, 54% Swedish companies feel Indian labor laws are problematic to their operations and growth.

Additionally, out of the responding companies, 40% find the present Indian business climate to be non-favorable, as compared to 28% the previous year.

The survey covered 157 Swedish firms and its aim is to understand the Swedish firms’ business confidence in India, to the obstacles and how they can be reduced.

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