The finalised India-European Union Free Trade Agreement in January this year, is expected to open new avenues for trade, investment and technology cooperation between India and European countries, including Sweden. Prime Minister Narendra Modi’s ongoing five-nation tour is being seen as the first major high-level engagement following the landmark agreement reached earlier this year.
Speaking on the prospects arising from the trade deal, Per Stenfelt, Head of Engineering and Product Development at Artifex in Sweden, expressed optimism about stronger industrial collaboration and greater business opportunities between India and Europe. He highlighted the growing confidence among European companies in India’s manufacturing and innovation ecosystem.
Artifex, which was acquired by Tata Motors, has benefited from the Government’s ease of doing business initiatives over the past few years. Industry experts believe the India-EU trade pact will further strengthen cooperation in sectors such as automobile engineering, clean technology and advanced manufacturing.
