Business Sweden, the Swedish Trade and Invest Council, has expanded its footprint in India with a new office in Mumbai, officially inaugurated on March 18 by Sweden’s Minister for Foreign Affairs, Maria Malmer Stenergard, and Business Sweden’s CEO, Jan Larsson.
The expansion aligns with Sweden’s increased focus on strengthening trade relations with Asia and underscores Business Sweden’s commitment to fostering deeper economic ties between Sweden and India.
With India projected to become the world’s third-largest economy by 2030, Swedish companies are showing heightened interest in the market.
“India consistently ranks among the top three global markets in terms of business climate for major Swedish companies. This underscores the significance of the world’s most populous market for Swedish enterprises. By opening our third office in the country, we are reinforcing our already strong presence in India. This sends a powerful message to both the Indian and Swedish business communities about the vast and growing potential in trade between our nations,” said Jan Larsson, CEO of Business Sweden.
Currently, nearly 300 Swedish companies operate in India, directly employing 200,000 people and indirectly supporting 2.2 million jobs. Over 100 of these companies are based in Maharashtra, Gujarat, and Goa. Meanwhile, 70 Indian firms have invested in Sweden, generating 7,000 direct jobs.
Swedish businesses have long been active in western India, a trend that continues to evolve with the arrival of new-age tech firms.
“Right from the 1960s, major Swedish businesses like SKF, Sandvik, Tetra Pak, Alfa Laval, and Atlas Copco established on the outskirts of Pune, Swedish interest in the region has only grown and fortified. Today, it is a new age when tech companies like Spotify, Storytel, Lektus, GoMo, and Spolto are thriving in Maharashtra and Gujarat with serious expansion plans,” said Sven Östberg, Swedish Consul General in Mumbai.
Sofia Högman, Trade Commissioner and Country Director for Business Sweden in India, highlighted the increasing demand for support in the Indian market.
“The demand for support in India is immense, and we are now even better positioned to help Swedish companies seize business opportunities across key sectors, including healthcare, infrastructure, the green transition, and manufacturing. At the same time, we can assist more Indian companies in investing in Sweden and creating jobs,” she said.
Business Sweden already operates offices in Delhi and Bengaluru. The addition of the Mumbai office enhances its presence in India’s financial capital and strengthens connections with Pune, a longstanding hub for Swedish businesses in the country.