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Published October 29, 2021
– Key results from Business Climate Survey 2021/22 reflect
Swedish companies’ continued confidence in India –
Indicates signs of doubling India’s investment –
New Delhi: The 13th edition of the Business Climate Survey (BCS) shows that confidence in Swedish companies doing business in India is much more favorable than the pandemic year 2020, with a positive emphasis on how easy it is to do business here.
Business Climate Survey conducted annually since 2008 by the Swedish Chamber of Commerce India (SCCI), together with the Swedish Embassy in India, the Swedish Consulate General in Mumbai and Business Sweden, is an attempt to understand Swedish companies’ confidence in India, to identify obstacles and how they can be reduced .
This year, the survey was sent out to 210 Swedish companies established in India. 190 respondents, which gives a response rate of 90%.
According to Anna Hallberg, Sweden’s Minister for Foreign Trade and the Nordic Region:
“Sweden’s and India’s bilateral cooperation has grown even stronger despite the pandemic and Swedish companies have repeatedly shown that they have a long – term commitment to India. I am therefore particularly proud that the 2021/22 Business Climate Survey (BCS) has had such a high response rate and that it highlights important areas such as green conversion and women in the workforce. BCS provides valuable information about the business climate in India, as Swedish companies perceive it. It is therefore of great importance to the Swedish Government and a significant contribution to the preparations for the forthcoming meeting of the Joint Commission for Economic, Industrial and Scientific Cooperation and to the preparations for the forthcoming trade negotiations between India and the EU. “
There are over 220 Swedish companies in India today, operating in many different business sectors, such as industrial equipment, IT & electronics, Healthcare MedTech & Pharma, Business Services, Retail Consumer Goods & Services, Automotive Heavy Vehicles & Auto Components. More companies in the sector for environmental technology & energy (water, waste, HVAC, etc) are joining. Together, these employ over 200,000 directly and a further 2.2 million indirectly.
Ambassador Klas Molin said at the launch of BCS: “Swedish companies continue to thrive in India. Even in the wake of the challenges of the pandemic, Swedish companies have continued to invest, expand and believe in India. As reflected in the Business Climate Survey, it is very encouraging to see that so many Swedish companies plan to increase their investments in India in the coming years. ”
This year’s survey, entitled “Towards sustainable growth”, reflects the commitment shown by Swedish companies to their long-term cooperation with India, given the country’s business environment, which is considered supportive and encouraging with promising growth prospects.
Given the pandemic that is throwing the global economy upside down and pushing the world to move towards more climate-friendly business processes, the survey also assesses the level of green conversion and innovative ecosystems in the country. In addition, it also takes into account the increase in jobs and the representation of women in the labor force in India as one of the key factors affecting business relations between the two nations.
– The well-being and safety of employees is fast becoming an important priority for companies. The flexibility, adaptability and resilience of human capital will be the basis for future success. At the same time as we are witnessing a clear recovery in the economy and business, our greater focus will now be on inclusion and gender equality between sectors. The House is committed to this higher purpose “, says Kamal Bali, Chairman of the Swedish Chamber of Commerce India and President and CEO of Volvo Group India.
At present, Swedish companies’ focus is on sustainable investments and integrated growth in India.