Gothenburg: Prime Minister Narendra Modi on Sunday asserted that India’s “Reform Express” is moving at full speed and invited Swedish and European companies to expand their footprint in India across manufacturing, clean energy, green hydrogen, semiconductors, artificial intelligence and advanced technologies. Addressing the European Round Table for Industry (ERT) during his official visit to Sweden, Modi pitched India as one of the world’s most attractive destinations for investment, innovation and industrial growth while stressing that the next wave of technological innovation should be co-created in India.
India pushes manufacturing, green energy and technology partnerships
Highlighting India’s transformation over the past 12 years, PM Modi said the country has been guided by the mantra of “reforms, performance and transformation,” backed by strong political will and rapid infrastructure development. He pointed to India’s young population, expanding middle class and fast-growing economy as major strengths that make the country an ideal partner for global industries.
The prime minister urged Swedish companies to strengthen their presence in India under initiatives such as “Make in India,” the National Green Hydrogen Mission and the National Critical Mineral Mission. He specifically called for deeper cooperation in sectors including clean energy, defence, semiconductors and advanced manufacturing.
PM Modi identified five broad areas with major potential for India-Europe cooperation. These include telecom and digital infrastructure, electronics, deep-tech manufacturing and artificial intelligence, green energy, infrastructure and mobility, urban transformation, healthcare and life sciences. He said European companies could also play an important role in helping India emerge as a global research and development hub.
“The next wave of technology innovation should be co-created in India,” Modi said, assuring companies that institutional mechanisms and policy support could be created to enable their participation in India’s flagship projects in the coming years.
Honoured to have addressed the European Round Table for Industry (ERT) in Gothenburg yesterday. My speech covered the growing India-Europe convergence, the opportunities opened by the India-EU FTA, India’s reform-driven growth journey and the vast scope for collaboration in… pic.twitter.com/oGDwHz1sJJ
— Narendra Modi (@narendramodi) May 18, 2026
He underlined that India and Sweden share common values of democracy, transparency, innovation and sustainability, and said these shared principles provide a strong foundation for a forward-looking economic partnership. PM Modi stressed that Sweden’s strengths in innovation and sustainability, when combined with India’s scale, talent and growth momentum, could produce solutions relevant for the 21st century.
The roundtable was hosted by the Volvo Group and attended by Swedish Prime Minister Ulf Kristersson, European Commission President Ursula von der Leyen, senior European industry leaders and representatives of leading European and Indian companies.
India-EU free trade agreement takes centre stage
A major focus of Modi’s address was the recently concluded India-European Union Free Trade Agreement negotiations, which he described as a transformative step in India-Europe economic ties. Welcoming the growing momentum in India-EU relations, PM Modi said the agreement would create fresh opportunities in trade, technology, manufacturing, services and resilient supply chains. “We have set an ambitious and strategic agenda at the level of governments,” Modi said, referring to von der Leyen’s earlier remark that the India-EU pact represented the “mother of all deals.” He added that efforts are underway to implement the agreement as quickly as possible.
India and the European Union concluded negotiations on the Free Trade Agreement in January this year after prolonged discussions. PM Modi said the agreement would deepen economic integration between India and Europe while strengthening cooperation in emerging sectors and industrial partnerships. He also highlighted the strategic significance of connectivity projects such as the India-Middle East-Europe Economic Corridor (IMEC), saying they add new value to India-Europe business relations and enhance economic cooperation across regions.
Presenting India as a reliable and trusted economic partner, PM Modi spoke about the country’s rapid economic growth, next-generation reforms, expanding digital public infrastructure, ease of doing business measures and vibrant manufacturing ecosystem. He also highlighted the transformation taking place in India’s infrastructure sector, which he said is opening up vast opportunities for global investors and industrial partnerships. Reiterating India’s industrial vision, the prime minister emphasised the approach of “Design for India, Make in India and Export from India.” He invited European companies to deepen long-term engagement with India not merely as a market but as a manufacturing and innovation base for the global economy.
Focus on talent mobility and long-term industrial cooperation
Apart from trade and manufacturing, Modi also underlined the importance of talent mobility, education partnerships and skill collaboration between India and Europe. He described India’s young and skilled workforce as one of the country’s greatest strengths and said it would play a major role in shaping future global economic growth. The prime minister called for stronger people-to-people ties and innovation partnerships between India and European nations. To institutionalise industry engagement, he proposed that the India-Europe CEOs Roundtable be held annually and also suggested the creation of an India Desk within the European Round Table for Industry.
Vi har en gemensam ambition att fördubbla vår bilaterala handel och våra investeringar inom fem år. Med nuvarande hastighet tror jag att det kan bli verklighet ännu tidigare.
Sverige är ett litet land men en stor handelsnation. Tack vare premiärminister Modi och EU-kommissionens… pic.twitter.com/7YzZcarWrk
— Ulf Kristersson (@SwedishPM) May 17, 2026
According to a statement issued by India’s Ministry of External Affairs, the interaction provided a platform for discussions on strengthening India-Europe industrial and economic cooperation while reaffirming a shared commitment to sustainable growth, technological collaboration and resilient global partnerships. PM Modi also separately interacted with select Swedish CEOs alongside Crown Princess Victoria of Sweden and Prime Minister Kristersson. During the discussions, he highlighted that India-Sweden relations today go beyond a conventional buyer-seller framework and are evolving into a long-term industrial partnership rooted in technology, innovation and co-creation.
The prime minister welcomed the longstanding contribution of Swedish companies to India’s growth story and encouraged them to deepen cooperation in research, innovation, manufacturing and green transition initiatives.
The discussions further focused on resilient supply chains, sustainable mobility, digital technologies, life sciences and the transition to greener industries. Modi stressed that India and Sweden together have the capacity to combine innovation, sustainability and industrial scale to develop future-ready solutions for global challenges.
Emphasising the broader direction of bilateral relations, PM Modi said India and Sweden are working toward developing a durable and strategic industrial partnership that extends well beyond traditional trade ties, with cooperation increasingly centred on innovation, sustainability and next-generation technologies.
