Gothenburg [Sweden], May 18 (ANI): Swedish Prime Minister Ulf Kristersson on Sunday (local time) expressed confidence that trade and investment ties between India and Sweden could double within five years, highlighting growing economic cooperation and the opportunities expected from a future India-European Union free trade agreement.

In a post on X, Kristersson said, 'We share a common ambition to double our bilateral trade and investments within five years. At the current pace, I believe it could become reality even sooner.'

https://x.com/SwedishPM/status/2056090906185650311

The Swedish Prime Minister said Sweden, despite being a small country, remained a major global trading nation and pointed to expanding economic prospects with India. 'Sweden is a small country but a major trading nation. Thanks to Prime Minister Modi and European Commission President von der Leyen, great opportunities lie ahead of us,' he said.

Kristersson also underlined the expected economic benefits of a free trade agreement, particularly for employment generation in Sweden. 'Our free trade agreement is estimated to create around 23,000 new jobs in Sweden - more than 6,000 of them here in the Gothenburg region,' he said.

Emphasising that the agreement would open the door to broader long-term cooperation, Kristersson added, 'But I see our free trade agreement not as the end of the road, but as the beginning of a new journey.'

Meanwhile, on Sunday (local time), Swedish Prime Minister Ulf Kristersson said that Prime Minister Narendra Modi's visit to Sweden marks another milestone in India-Sweden relations, while emphasising the shared ambition to significantly deepen economic and strategic cooperation between India and Europe.

Addressing the European CEO Round Table hosted by Volvo Group, Kristersson said the European Union, Sweden and India recognise the immense potential of stronger partnerships at a time when the world remains increasingly complex and unpredictable. Highlighting growing economic cooperation, the Kristersson said both countries share the ambition of doubling bilateral trade and investment within the next five years.

'The European Union, Sweden and India, all recognise the immense potential that lies in deepening our partnership, not least when the world is as complicated and unpredictable as it obviously is today. PM Modi, your visit marks another milestone in the history of India-Sweden relations... We have a joint ambition to double our bilateral trade and investments within five years. With the current speed, I actually believe it could become a reality even sooner,' the Swedish PM said.

Highlighting growing economic cooperation, the Swedish Prime Minister said both countries share the ambition of doubling bilateral trade and investment within the next five years. Kristersson also praised the recently concluded India-European Union Free Trade Agreement, crediting Prime Minister Modi and European Commission President Ursula von der Leyen for their leadership in finalising the deal.

'The decisive conclusion of the India-EU FTA is largely due to the foresight, the determination and the personal leadership of PM Modi and President von der Leyen... I regard this FTA not as the end of the road, but the beginning of a new journey... Prime Minister Modi, I know the year 2047 holds a special meaning in India...you have laid out a clear vision for this occasion. Viksit Bharat, Sweden and the entire European Union will be India's partners on this journey all the way to 2047 and beyond,' he said.

PM Modi is in Sweden currently, which is the third leg of his five-nation tour. He will later head to Norway on May 18.

The economic undercurrents of the visit are massive. Officials expect the trip to provide fresh momentum to a bilateral trade relationship that stood at USD 2.73 billion in 2024.

Furthermore, the visit is anticipated to spur deeper commitments from Norway's Government Pension Fund Global (GPFG), which already commands a massive footprint with close to USD 28 billion invested in the Indian capital market.

During the visit, PM Modi is scheduled to meet Their Majesties King Harald V and Queen Sonja and hold bilateral talks with Norwegian Prime Minister Jonas Gahr Stre.

He will also jointly address the India-Norway Business and Research Summit alongside the Norwegian Prime Minister. (ANI)