Sweden, South Africa seek investment from India

Sweden, South Africa seek investment from India


Kolkata: Grappling with global economic slowdown, both Sweden and South Africa today asked Indian entrepreneurs to invest in their countries across various sectors.

Swedish ambassador to India Lars-Olof Lindgren at an interactive session organised by CII here said that Indian companies could invest in his country in areas like IT, bio-tech, energy, heavy engineering and pharma among others.

Lars-Olof Lindgren said there was a tremendous scope for improvement for bi-lateral trade between Sweden and India. He, however, did not want to quantify any target.

The bilateral trade between the two countries was just over $2 billion in 2006-07.

“Only 1% of our foreign trade is with India compared to 10% with Norway and 2% with China," Lars-Olof Lindgren said, adding that there was a great scope for improvement compared to the potential.

Lars-Olof Lindgren hoped that the current economic meltdown would not last for long “as I believe 2010 will most likely be a better year and foresee 2011-12 onwards growth will start taking place."

Speaking at a FICCI programme, Farida Mohamed, a member of a visiting South African parliamentary delegation, said that her country wanted investment in sectors like mining, IT, ITeS, energy, BPO, bio-fuel and space science among others.

She also invited equity participation and venture capital funds to invest in South African firms.