Envoy invites Swedish businessmen to take advantage of India’s growth story

Tuesday, November 9, 2010

STOCKHOLM - Placing emphasis on the impressive growth of the Indian economy, India’s Ambassador Sweden Ashok Sajjanhar, said his country was well on its way to becoming one of the world’s fastest growing economies.

Addressing a major investment seminar in Gothenburg recently, Ambassador Sajjanhar advanced several reasons and arguments for this assessment.

He said India enjoyed the huge advantage of its population being very young.

“Although India is an ancient civilisation, it is a young nation with its median age being only 24 years as compared to 37 for China and even more for USA and European countries,” he said.

“There is ample empirical evidence to suggest that countries with a demographic bulge of young people grow at an appreciably faster pace,” he added.

Of course, he said, this presented several challenges also.

“Appropriate education facilities, health care, social and physical infrastructure had to be upgraded to meet the requirements of the young population. The Indian government and political and social leadership is well aware of the problems being faced and was working relentlessly to overcome these obstacles,” the Indian envoy said.

He also referred to the advantage of a large middle class of around 400 million people with high and growing purchasing power, the democratic system which encourages and promotes innovation and creativity which is of immense importance in the Age of the Knowledge Economy.

Ambassador Sajjanhar said that bilateral investment and trade between India and Sweden had continued to grow despite the international financial crisis.

However, it was still at a low level, he added.

It accounted for 1.3 percent of Sweden’s exports and only 0.6 percent% of Sweden’s imports.

He said that it was also essential to note that Sweden is the fastest growing economy and the healthiest one among European countries.

He said the potential for enhancing bilateral trade and economic engagement between the two countries was enormous.

He invited all entrepreneurs taking part in the Forum to look at working with India seriously and assured them of all support, help and guidance from the Indian embassy. (ANI)

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