The presentation deck (first in the India Connect series) aims at providing a quick glimpse of bilateral trade and investments between India and five other countries including Belgium, Canada, Finland, Italy, and Sweden.

1. INDIA CONNECT SERIES
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INDIA TRADE & INVESTMENT CONNECT – SERIES I
(Belgium, Canada, Finland, Italy, Sweden)
February 2016

2. INDIA CONNECT SERIES
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CHAPTER 1
(Belgium, Canada, Finland, Italy, Sweden)

3. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
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INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited
Tracing the India-Belgium connect
• Diplomatic relations between India and Belgium were established way back in 1948. However, trade relations between
the two countries blossomed only after Gujaratis (an Indian community belonging to the state of Gujarat) took to the
diamond business in mid 1970s.
• Until then, Belgium was known to the Indian diaspora for its glass, especially glass chandeliers and mirrors.
• Data from the Belgian Foreign Trade Authority suggests that the bilateral trade between India and Belgium stood at EUR
12.6 billion in 2014. Belgium’s exports to India were worth EUR 8.5 billion; while its imports were valued at EUR 4.1
billion.
8.5
4.1
Bilateral trade (EUR billion) in 2014
Exports
Imports
6.8 8.0 7.9 7.9 8.5
3.7
5.4 4.2 4.2 4.1
0
4
8
12
16
2010 2011 2012 2013 2014
Bilateral trade (EUR billion) over 2010-14
Imports
Exports
Source: Belgian Foreign Trade Authority Source: Belgian Foreign Trade Authority

4. Diamonds remain the key trade link
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• Trade in diamonds (and other precious gemstones) constitutes a large proportion of the overall trade between India and
Belgium. Data from Belgian Foreign Trade Authority indicates that precious stones and metals formed ~70% of the total
bilateral trade between India and Belgium in 2014.
• As per the data from Ministry of Commerce (India), the value of diamond exports and imports between India and
Belgium stood at USD 11.6 million (c. EUR 9.2 billion) during April 2014 – March 2015.
• Other items of export to India include chemicals, and machinery & equipment.
82%
4%
3%
10%
Belgian exports (EUR billion) in 2014
Precious stones & metals
Chemicals
Machinery & equipment
Others
Source: Belgian Foreign Trade Authority Source: Belgian Foreign Trade Authority
46%
12%
10%
32%
Belgian imports (EUR billion) in 2014
Precious stones & metals
Mineral products
Base metals
Others
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

5. Belgium has been regularly investing in India
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• Belgium is the 22nd largest investor in India. Countries including Mauritius, Singapore and the UK are the top three foreign
investors in India.
• As per Department of Industrial Policy & Promotion, Foreign Direct Investment (FDI) inflows from Belgium into India have
averaged ~USD 100 million (c. EUR 77 million) per year, over the last five years. New investments from Belgium were as
high as USD 248 million in 2014.
• Cumulative FDI inflows from Belgium into India amounted to USD 855 million from April 2000 to September 2015.
310 343
451 490 550
797
33
108
39
60
248
58
0
200
400
600
800
1000
2010 2011 2012 2013 2014 2015*
FDI inflows (USD million) from Belgium to India over 2010-15*
Additional
Base
Source: Department of Industrial Policy & Promotion (DIPP), 2015 data is for nine months
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

6. There are more Belgian companies in India, than vice-versa
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According to various studies, more than 160 Belgian companies are said to have a presence in India. Likewise, nearly 85
Indian companies exist in Belgium. Mentioned below is a quick list of some of these companies:
Belgian companies in India Indian companies in Belgium
AF Compressors Janssen Pharmaceuticals AV Birla Jubilant
AGFA Healthcare Leonidas Ashapura Jasch Industries
Ageas Magotteaux Azilen Technologies JBF Industries
Ahlers Omega Pharma Autotech Jindal Polyfilms
Ajinomoto Omnichem Picanol Bank of Baroda Mindtree
BARCO Puratos Bank of India Tech Mahindra
BASE Company Ridley Bikes Binani TCS
Bekaert Sarens Ceat Union Bank of India
Besins Healthcare Soudal Cipla Wockhardt
CMI Tractebel Engineering Dr Reddys Zenobia Agro
Dätwyler UCB India D Y Patil
Dedecker Umicore Emrald Resilient
Dredging International UNIVEG Excel Crop Care
EXMAR Veldeman HCL
Forbes Vyncke Vermeiren India Infosys
IBA Vinçotte International IM Gears
Source: Europe India Chamber of Commerce, Various newspapers
INDIA CONNECT SERIES
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7. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
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India Country Belgium
New Delhi Capital Brussels
1,275 million Population 11.2 million
Hindi Major languages Dutch, French and German
EUR 1,543 billion GDP EUR 402 billion
EUR 1,210 GDP per capita EUR 35,882
Rupee Currency Euro
Mr. Pranab Mukherjee Head of State H.M. King Philippe
Mr. Narendra Modi Prime Minister Mr. Charles Michel
26th January National Day 21st July
34.61% Corporation tax rate 33.99%
BBB- Credit rating (S&P) AA
Baa3 Credit rating (Moody’s) Aa3
BBB- Credit rating (Fitch) AA
Source: Various government authorities, KPMG, S&P, Moody’s, Fitch, IMF
INDIA CONNECT SERIES
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H.E. Mr. Manjeev Singh Puri, Ambassador
Embassy of India,
217, Chaussee de Vleurgat,
1050 Brussels,
Belgium
H.E. Mr. Jan Luykx, Ambassador
Embassy of Belgium,
50-N Shantipath, Chanakyapuri,
New Delhi 110 021,
India
Mr. Marc A Huybrechts, Consul General
de Merodelei 29 Apartment 3
2600 Berchem Antwerp,
Belgium
Mr. Peter Huyghebaert, Consul General
TCG Financial Centre,
7th floor C-53, G-Block, Bandra Kurla Complex, Bandra East,
Mumbai 400 098,
India
Mr. Bart De Groof, Consul General
18, 3rd floor, Yafa Tower,
Khader Nawaz Khan Road, Nungambakkam,
Chennai 600 006,
India
Source: Respective government authorities
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

9. INDIA CONNECT SERIES
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CHAPTER 2
(Belgium, Canada, Finland, Italy, Sweden)

10. Tracing the India-Canada connect
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• Diplomatic relations between India and Canada were established way back in 1947, when India gained independence.
However, trade relations between the two countries gathered steam only after 1997.
• Between 1997-2008, bilateral trade between India and Canada witnessed a CAGR of 13%. During this period, Canada’s
exports to India grew at a brisk pace of c.15% per annum.
• Data from Statistics Canada suggests that the bilateral trade between India and Canada stood at USD 5.74 billion in 2014
and was equally balanced between the two countries. Canada’s exports to India were worth USD 2.86 billion; while its
imports were valued at USD 2.88 billion.
2.92.9
Bilateral trade (USD billion) in 2014
Exports
Imports
1.9
2.6 2.3 2.7 2.9
2.1
2.6 2.9
2.9 2.9
0
2
4
6
2010 2011 2012 2013 2014
Bilateral trade (USD billion) over 2010-14
Imports
Exports
Source: Statistics Canada Source: Statistics Canada
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

11. Vegetable products, chemical products, and textiles are the key trade links
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• Bilateral trade between India and Canada largely comprises of vegetable products (particularly dried peas, lentils, and
millet), chemical products (fertilizers, potassium chloride, organic chemicals, and pharmaceutical products), and textiles
(bed linen, apparel and clothing).
• Other major items of trade include copper ores, flat-rolled steel, diamonds, gold, machinery and electrical equipment,
newsprint, and wood pulp.
29%
20%
14%
12%
9%
17%
Canadian exports (USD billion) in 2014
Vegetable products
Mineral products
Paper & wood pulp
Fertilizers & chemical products
Precious - stones & metals
Others
Source: Statistics Canada Source: Statistics Canada
20%
15%
14%10%
9%
32%
Canadian imports (USD billion) in 2014
Textiles & textile products
Chemicals & pharma products
Base metals
Machinery & elect. equipment
Vegetable products
Others
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

12. Canada has upped its investment in India
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• Canada is the 27th largest investor in India. Countries including Mauritius, Singapore and the UK are the top three foreign
investors in India.
• As per Department of Industrial Policy & Promotion, Foreign Direct Investment (FDI) inflows from Canada into India have
averaged ~USD 50 million per year, over the last five years. New investments from Canada were as high as USD 82 million
in 2014.
• Cumulative FDI inflows from Canada into India amounted to USD 586 million from April 2000 to September 2015.
284
341 380 423 435
518
57
39
43 13
83
68
0
200
400
600
2010 2011 2012 2013 2014 2015*
FDI inflows (USD million) from Canada to India over 2010-15*
Additional
Base
Source: Department of Industrial Policy & Promotion (DIPP), 2015 data is for nine months
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

13. Several Canadian companies have established a base in India
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According to various studies, more than 700 Canadian companies are said to have a presence in India. Likewise, several
Indian companies exist in Canada. Mentioned below is a quick list of some of these companies:
Canadian companies in India Indian companies in Canada
Amdocs Harlequin Aditya Birla Group
Apotex Inc IMAX Abellon Energy
Alliance Grain Traders Junxion Dev Information Technology
Aecon Group LEA Group Holdings Essar Group
Air Canada McCain Foods GSFC
Bombardier Maple Bear Grintex
Bank of Nova Scotia Novatek International IFFCO
Brookfield Asset Management Open Text Corporation ICICI Bank
CAE Inc PMC Sierra India Infosys
CPPIB Quest Partners Jubilant Life Sciences
Canpotex Limited R.V. Anderson Associates State Bank of India
CGI Montreal Scotiabank TCS
Datawind SNC Lavalin Tata Steel
Export Development Canada Sun Life Financial Tech Mahindra
Fairfax Financial Holdings TD Bank Wipro
Husky Injection Molding Systems TaraSpan
Source: Various newspapers
INDIA CONNECT SERIES
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14. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
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India Country Canada
New Delhi Capital Ottawa
1,275 million Population 35 million
Hindi Major languages English, French
USD 2,051 billion GDP USD 1,785 billion
USD 1,607 GDP per capita USD 50,304
Rupee Currency Canadian Dollar
Mr. Pranab Mukherjee Head of State Mr. David Johnston
Mr. Narendra Modi Prime Minister Mr. Justin Trudeau
26th January National Day 1st July
34.61% Corporation tax rate 26.50%
BBB- Credit rating (S&P) AAA
Baa3 Credit rating (Moody’s) Aaa
BBB- Credit rating (Fitch) AAA
Source: Various government authorities, KPMG, S&P, Moody’s, Fitch, IMF
INDIA CONNECT SERIES
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H.E. Mr. Vishnu Prakash, High Commissioner
10 Springfield Road,
Ottawa, Ontario, K1M 1C9,
Canada
H.E. Mr. Nadir Patel, High Commissioner
7/8 Shantipath, Chanakyapuri,
New Delhi 110 021,
India
Mr. Akhilesh Mishra, Consul General
365 Bloor Street(East) Suite # 700,
Toronto, ON, M4W 3L4,
Canada
Mr. Stanley Gomes, Consul General
World Trade Center, 22nd Floor, 26/1, Dr. Rajkumar Road,
Malleshwaram, Yeshwantpur, Bengaluru 560 055,
India
Mr. G. Mark Scullion, Consul General
Indiabulls Finance Centre, 21st Floor, Tower 2,
Elphinstone Road, Mumbai 400 013,
India
Source: Respective government authorities
INDIA CONNECT SERIES
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Mr. Rajiv. K. Chander, Consul General
#201-325 Howe Street,
Vancouver, BC, V6C 1Z7,
Canada
Ms. Rajani Alexander, Consul General
SCO# 54-56, Sector 17 A,
Chandigarh 160 017,
India

16. INDIA CONNECT SERIES
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CHAPTER 3
(Belgium, Canada, Finland, Italy, Sweden)

17. Tracing the India-Finland connect
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• Diplomatic relations between India and Finland were established in 1949, a few years after India gained independence.
• Bilateral trade between India and Finland peaked at EUR 1.29 billion in 2011, but has retraced since then.
• Data from Official Statistics of Finland suggests that bilateral trade between India and Finland totalled EUR 772 million in
2014, and was slightly skewed towards the latter. Finland’s exports to India were worth EUR 400 million; while its imports
were valued at EUR 372 million.
400372
Bilateral trade (EUR million) in 2014
Exports
Imports
599 625
482 489 400
349
670
348
500
372
0
500
1,000
1,500
2010 2011 2012 2013 2014
Bilateral trade (EUR million) over 2010-14
Imports
Exports
Source: Official Statistics of Finland Source: Official Statistics of Finland
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

18. Electrical machinery and paper products are the key trade links
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DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
• Bilateral trade between India and Finland largely comprises of electrical machinery and equipment (especially computer
software in physical form, telecommunication parts, and inverters), paper & related products (newsprint), metals
(chromium), and textiles and textile products.
• Other major items of trade include petroleum products (aviation turbine fuel), chemicals, metals (cast iron), and
pharmaceutical products.
49%
13%
7%
4%
26%
Finnish exports (EUR million) in 2014-15
Electrical machinery & equip.
Paper & related products
Metals
Chemicals
Others
Source: Ministry of Commerce (India) Source: Ministry of Commerce (India)
13%
16%
10%
8%
53%
Finnish imports (EUR million) in 2014-15
Petroleum products
Textile & textile products
Metals
Pharmaceutical products
Others
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

19. Finland is steadily increasing its investments in India
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• Finland is the 31st largest investor in India. Countries including Mauritius, Singapore and the UK are the top three foreign
investors in India.
• As per Department of Industrial Policy & Promotion, Foreign Direct Investment (FDI) inflows from Finland into India have
averaged ~USD 44 million per year, over the last five years. Fresh investments from Finland were as high as USD 103
million in 2011.
• Cumulative FDI inflows from Finland into India amounted to USD 386 million from April 2000 to September 2015.
155 167
270 274 287 32212
103
3 13
35
64
0
100
200
300
400
500
2010 2011 2012 2013 2014 2015*
FDI inflows (USD million) from Finland to India over 2010-15*
Additional
Base
Source: Department of Industrial Policy & Promotion (DIPP), 2015 data is for nine months
INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited

20. Several Finnish companies have established their base in India
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According to various studies, ~65 Finnish companies are said to have a presence in India. Likewise, several Indian companies
exist in Finland. Mentioned below is a quick list of some of these companies:
Finnish companies in India Indian companies in Finland
ABLOY Fortum GeoTech Infoservices
Ahlstrom Huhtamaki HCL Technologies
Alteams JOT Automation Infosys
Andritz Kemppi ITC Infotech
AW-Energy Konecranes Larsen & Toubro Infotech
Basware Lindström Mahindra Holidays
Beamex Metso Sasken
Betonimestarit MIRKA Tata Steel
Bofo Solitions NAPA TCS
Cadmatic Nokia (Microsoft) Tech Mahindra
Cargotec Outokumpu Tooltech Global Engineering
Chempolis Stera Trivitron Healthcare
COROB Stresstech WebScape
Elcoteq UPM-Kymmene Wipro
Ensto Valmet Zensar Technologies
Finnair Wärtsilä
Source: Various newspapers
INDIA CONNECT SERIES
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India Country Finland
New Delhi Capital Helsinki
1,275 million Population 5.5 million
Hindi Major languages Finnish
EUR 1,543 billion GDP EUR 205.2 billion
EUR 1,210 GDP per capita EUR 37,634
Rupee Currency Euro
Mr. Pranab Mukherjee Head of State Mr. Sauli Niinistö
Mr. Narendra Modi Prime Minister Mr. Juha Sipilä
26th January National Day 6th December
34.61% Corporation tax rate 20.00%
BBB- Credit rating (S&P) AA+
Baa3 Credit rating (Moody’s) Aaa
BBB- Credit rating (Fitch) AAA
Source: Various government authorities, KPMG, S&P, Moody’s, Fitch, IMF
INDIA CONNECT SERIES
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H.E. Mr. Ashok Kumar Sharma, Ambassador
32 Kulosaarentie,
00570 Helsinki,
Finland
H.E. Mr. Aapo Pölhö, Ambassador
E-3 Nyaya Marg, Chanakyapuri,
New Delhi 110 021,
India
Mr. Sunil Baweja, Second Secretary
32 Kulosaarentie,
00570 Helsinki,
Finland
Ms. Ritva Haukijärvi, Counsellor
E-3 Nyaya Marg, Chanakyapuri,
New Delhi 110 021,
India
Source: Respective government authorities
INDIA CONNECT SERIES
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23. INDIA CONNECT SERIES
An initiative of Pyjama Partners Unlimited
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CHAPTER 4
(Belgium, Canada, Finland, Italy, Sweden)

24. Tracing the India-Italy connect
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• Diplomatic relations between India and Italy were established way back in 1947, when India gained independence.
• Between 2003-04 and 2008-09, bilateral trade between India and Italy witnessed robust growth, clocking a CAGR of 20%.
During this period, Italian exports to India grew at a brisk pace of 28% per annum.
• Data from Ministry of Commerce (India) suggests that bilateral trade between India and Italy totalled EUR 7.39 billion in
2014-15, and was slightly skewed towards the former. Italy’s imports from India were worth EUR 4.04 billion; while its
exports were valued at EUR 3.35 billion.
3.4
4.0
Bilateral trade (EUR billion) in 2014-15
Exports
Imports
3.2 3.7 3.7 3.1 3.4
3.4
3.5 3.4 3.9 4.0
0
2
4
6
8
2010-11 2011-12 2012-13 2013-14 2014-15
Bilateral trade (EUR billion) over 2010-15
Imports
Exports
Source: Ministry of Commerce (India), Oanda Source: Ministry of Commerce (India), Oanda
INDIA CONNECT SERIES
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25. Machinery, automotives (incl. auto components) and textiles are the key trade links
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• Bilateral trade between India and Italy largely comprises of machinery and mechanical appliances, automotives and auto
components, petroleum products (especially high speed diesel and aviation turbine fuel), earths and stone (marble
stone), and metals (ferro-silico-manganese).
• Other major items of trade include paper and related products (incl. currency-note paper), textiles and textile products,
and leather and leather products.
36%
8%
8%4%4%
41%
Italian exports (EUR billion) in 2014-15
Machinery & mech. appliances
Metals
Chemicals
Auto & auto components
Leather & leather products
Others
Source: Ministry of Commerce (India) Source: Ministry of Commerce (India)
15%
14%
9%
9%8%
45%
Italian imports (EUR billion) in 2014-15
Metals
Textile & textile products
Petroleum products
Leather & leather products
Auto & auto components
Others
INDIA CONNECT SERIES
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26. Italy is a steady investor in India
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• Italy is the 13th largest investor in India. Countries including Mauritius, Singapore and the UK are the top three foreign
investors in India.
• As per Department of Industrial Policy & Promotion, Foreign Direct Investment (FDI) inflows from Italy into India have
averaged ~USD 150 million per year, over the last five years. Fresh investments from Italy were as high as USD 232 million
in 2014.
• Cumulative FDI inflows from Italy into India amounted to USD 1.68 billion from April 2000 to September 2015.
743 926 1,060 1,137 1,312
1,543183
134
77
175
232
138
0
500
1,000
1,500
2,000
2010 2011 2012 2013 2014 2015*
FDI inflows (USD million) from Italy to India over 2010-15*
Additional
Base
Source: Department of Industrial Policy & Promotion (DIPP), 2015 data is for nine months
INDIA CONNECT SERIES
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27. Several Italian companies have established a base in India
NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
According to various studies, more than 400 Italian companies are said to have a presence in India. Likewise, several Indian
companies exist in Italy. Mentioned below is a quick list of some of these companies:
Italian companies in India Indian companies in Italy
Amplifon Maire Tecnimont Bombay Rayon Fashions Zydus Cadila
Apicom Marposs CRI Pumps
Benetton Merloni Termosanitari Dr Reddy’s
Bisazza Natuzzi Gammon
Carraro Group Officine Maccaferri Himatsingka Seide
Compressori Panalpina Trasporti Mondiali L&T
Danieli & C. Off. Meccaniche Perfetti Van Melle M&M
ENI Piaggio Raymond
Fata Hunter Engineering SAET Group State Bank of India
Ferrero Saima Avandero Sun Pharmaceuticals
FIAT Saipem Titagarh Wagons
Finmeccanica Savino Del Bene TCS
Generali SEA Deutzfahr Group Tech Mahindra
Impreglio TBS Group Wipro
Lovato Technip WAAREE Group
Luxottica Torielli Zomato
Source: Italian Trade Agency, Various newspapers
INDIA CONNECT SERIES
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India Country Italy
New Delhi Capital Rome
1,275 million Population 60.8 million
Hindi Major languages Italian
EUR 1,543 billion GDP EUR 1,619 billion
EUR 1,210 GDP per capita EUR 26,629
Rupee Currency Euro
Mr. Pranab Mukherjee Head of State Mr. Sergio Mattarella
Mr. Narendra Modi Prime Minister Mr. Matteo Renzi
26th January National Day 2nd June
34.61% Corporation tax rate 31.40%
BBB- Credit rating (S&P) BBB-
Baa3 Credit rating (Moody’s) Baa2
BBB- Credit rating (Fitch) BBB+
Source: Various government authorities, KPMG, S&P, Moody’s, Fitch, IMF
INDIA CONNECT SERIES
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H.E. Mr. Basant Gupta, Ambassador
Via XX Settembre,
5 Rome, Italy
H.E. Mr. Lorenzo Angeloni, Ambassador
50-E Chandragupta Marg, Chanakyapuri,
New Delhi 110 021,
India
Mr. Ravi Shankar, Deputy Chief of Mission
Via XX Settembre,
5 Rome, Italy
Mr. Gianluca Grandi, Deputy Head of Mission
50-E Chandragupta Marg, Chanakyapuri,
New Delhi 110 021,
India
Source: Respective government authorities
INDIA CONNECT SERIES
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Mr. Roberto Tomsi, Defence Attaché
50-E Chandragupta Marg, Chanakyapuri,
New Delhi 110 021,
India
Col. Yogi Sheoran, Defence Attaché
Via XX Settembre,
5 Rome, Italy
Mr. Ugo Ciarlatani, Consul General
Kanchanjunga Building, 1st Floor,
72 G. Deshmukh Road, Cumballa Hill, Mumbai 400 026,
India

30. INDIA CONNECT SERIES
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CHAPTER 5
(Belgium, Canada, Finland, Italy, Sweden)

31. Tracing the India-Sweden connect
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• Diplomatic relations between India and Sweden were established way back in 1949, a few years after India gained
independence. However, trade relations between the two countries can be traced back to the 1920s when some of the
Swedish companies like Ericsson and Swedish Match established their presence in India.
• Between 1999-2004, bilateral trade between India and Sweden witnessed robust growth, clocking a CAGR of 26%. During
this period, Swedish exports to India grew at a brisk pace of 35% per annum.
• Data from Statistiska centralbyrån suggests that bilateral trade between India and Sweden totalled USD 2.28 billion in
2014, and was slightly skewed towards the latter. Sweden’s exports to India were worth USD 1.51 billion; while its imports
were valued at USD 0.77 billion.
1.5
0.8
Bilateral trade (USD billion) in 2014
Exports
Imports
1.8 2.1
1.7 1.5 1.5
0.8
1.0
0.8 0.7 0.8
0
1
2
3
4
2010 2011 2012 2013 2014
Bilateral trade (USD billion) over 2010-14
Imports
Exports
Source: Statistiska centralbyrån Source: Statistiska centralbyrån
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32. Telecom equipment, project goods, and wood pulp are the key trade links
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DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
• Bilateral trade between India and Sweden largely comprises of telecom equipment (particularly videophones and base
stations), project goods (power projects), and wood pulp of various grades.
• Other major items of trade include unwrought silver, currency note paper, auto parts and accessories, textiles and textile
products, and leather products.
19%
15%
15%15%
8%
28%
Swedish exports (USD billion) in 2014-15
Electrical machinery & equip.
Project goods
Paper & related products
Machinery & mech. appliances
Iron & steel
Others
Source: Ministry of Commerce (India) Source: Ministry of Commerce (India)
30%
10%
7%5%5%
42%
Swedish imports (USD billion) in 2014-15
Textiles & textile products
Iron & steel
Machinery & mech. appliances
Leather products
Electrical machinery & equip.
Others
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33. Sweden’s investment in India has mellowed down
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DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
• Sweden is the 19th largest investor in India. Countries including Mauritius, Singapore and the UK are the top three foreign
investors in India.
• As per Department of Industrial Policy & Promotion, Foreign Direct Investment (FDI) inflows from Sweden into India have
averaged ~USD 65 million per year, over the last five years. Fresh investments from Sweden were as high as USD 165
million in 2012.
• Cumulative FDI inflows from Sweden into India amounted to USD 1.11 billion from April 2000 to September 2015.
755 782 814
979 1,027 1,078
27 32
165
48 52 34
0
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014 2015*
FDI inflows (USD million) from Sweden to India over 2010-15*
Additional
Base
Source: Department of Industrial Policy & Promotion (DIPP), 2015 data is for nine months
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34. Several Swedish companies have established a base in India
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DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
According to various studies, more than 160 Swedish companies are said to have a presence in India. Likewise, about 50
Indian companies exist in Sweden. Mentioned below is a quick list of some of these companies:
Swedish companies in India Indian companies in Sweden
ABB H&M Aditya Birla Group Tech Mahindra
Absortech Hakansson Saws Aricent Technologies Teligent
Alfa Laval IKEA Bharat Forge Wipro
Alimak Hek ISS Biocon
Arjohuntleigh Munters Birlasoft
Assa Abloy Saab Cadila
AstraZeneca Sandvik Cyient
Atlas Copco SCA Dr Reddys
Berger-Becker Scania Evalueserve
DeLaval Securitas Geometric
Elcome Skanksa HCL Technologies
Electrolux SKF Infosys
Elekta Swedish Match Kemwell
Ericsson Tetra Pak L&T Infotech
Flir Systems Trelleborg Mindtree
Gunnebo Volvo TCS
Source: Sweden-India Business Guide, Various newspapers
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35. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
India Country Sweden
New Delhi Capital Stockholm
1,275 million Population 9.75 million
Hindi Major languages Swedish
USD 2,051 billion GDP USD 570.6 billion
USD 1,607 GDP per capita USD 58,538
Rupee Currency Swedish Krona
Mr. Pranab Mukherjee Head of State H.M. King Carl XVI Gustaf
Mr. Narendra Modi Prime Minister Mr. Stefan Löfven
26th January National Day 6th June
34.61% Corporation tax rate 22.00%
BBB- Credit rating (S&P) AAA
Baa3 Credit rating (Moody’s) Aaa
BBB- Credit rating (Fitch) AAA
Source: Various government authorities, KPMG, S&P, Moody’s, Fitch, IMF
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36. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
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H.E. Mrs. Banashri Bose Harrison, Ambassador
Adolf Fredriks Kyrkogata 12, Box 1340,
111 83 Stockholm,
Sweden
H.E. Mr. Harald Sandberg, Ambassador
4-5 Nyaya Marg, Chanakyapuri,
New Delhi 110 021,
India
Mr. Vijai Kumar, First Secretary (Commerce) and HOC
Adolf Fredriks Kyrkogata 12, Box 1340,
111 83 Stockholm,
Sweden
Mr. Daniel Wolvén, Deputy Head of Mission
4-5 Nyaya Marg, Chanakyapuri,
New Delhi 110 021,
India
Source: Respective government authorities
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Mr. Per Nilsson, Defence Attaché
4-5 Nyaya Marg, Chanakyapuri,
New Delhi 110 021,
India
Gp Capt Aditya Kumar Wahi VM, Defence Attaché
Adolf Fredriks Kyrkogata 12, Box 1340,
111 83 Stockholm,
Sweden
Ms. Fredrika Ornbrant, Consul General
TCG Financial Centre, 3rd floor C-53, G-Block,
Bandra Kurla Complex, Bandra East, Mumbai 400 051,
India

37. NO COPYRIGHT PROTECTION – All information has been obtained from desktop research
DISCLAIMER – Please use the above data as per your discretion; the author cannot be held liable for any incorrect details
ABOUT THE AUTHOR
Manish graduated from Panjab University with a degree in Commerce and
followed it up with an MBA from the ICFAI Business School, Mumbai. He has
worked for over 10 years in equity research positions analyzing Global markets
and businesses for international brokers, private equity firms, and asset
management companies.
Manish lives and works in Mumbai; he can be reached at mtulsian@gmail.com.
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