BWI: Invest in Sweden Agency Inaugurates India Office

Press release from Business Wire India
Source: Invest in Sweden Agency (ISA)
Monday, October 05, 2009 08:41 PM IST (03:11 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Automotives, Banking & financial services, Business services, Information technology, Major diversified industrial groups; Technology; Automotive; Healthcare
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Invest in Sweden Agency Inaugurates India Office
Fourth ISA Office outside USA, Japan and China to Help Indian Business Investors with Opportunities in Sweden

New Delhi, Delhi, India, Monday, October 05, 2009 -- (Business Wire India) -- Invest in Sweden Agency (ISA), a Swedish government agency operating under the Ministry of Foreign Affairs, has set up its fourth worldwide office in India to assist and inform Indian investors about business and investment opportunities in Sweden. ISA's other offices are in the US, Japan and China.

The setting up of this office underpins the strategic focus on India for attracting investments into Sweden. Companies planning to establish or expand business operations in Sweden be it strategic alliances, access to product innovations, R&D, mergers, international/regional HOs for Sweden, Scandinavia or Northern Europe can free of charge, obtain information and assistance from ISA through its well established network in Sweden with access to companies, government and the regions.

The India office was inaugurated on 23rd September in New Delhi by Anjali Prasad, Joint Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India in the presence of His Excellency Mr. Lars-Olof Lindgren, Ambassador of Sweden to India and Mr. Per-Erik Sandlund, President & Director-General, ISA. The India office will be headed by Mr. Srikant Illuri, Executive Director & Country Head.

Highlighting the importance of enhancing economic relations between Sweden and India, H.E. Mr. Lars-Olof Lindgren, Ambassador of Sweden to India, said, " I see great potential for increased collaboration between our countries. Sweden and India are a perfect match. Sweden is a small innovative country with cutting edge research that has brought us to the technological forefront. India, with its huge population comprising a large number of well-educated people, is also a frontrunner when it comes to modern technology. We are both confident enough to share knowledge and experience to work together in projects and joint ventures. As a result of this collaboration, new techniques and products could be created and made available and affordable not only for the Swedish and Indian markets, but also other countries."

Mr. Per-Erik Sandlund, President & Director-General, ISA, said, "Sweden is an investment hotspot and among the top five countries worldwide in international trade. As companies in India expand and consolidate their global footprint, we would like to be a part of their consideration set. We are excited to be in India and look forward to working with investors to open a world of business opportunities for them in Sweden."

Sweden is the fifth best country in the world for international trade and investments according to the World Economic Forum's Global Enabling Trade Report 2009. Further, the recently released The Global Competitiveness Report 2009-2010 by the WEF places Sweden at number four.

"Many Indian companies have successfully turned to Sweden as a source of innovation and for its R&D capabilities. These companies are successful and growing their businesses in Sweden. While we will offer support across industries through our Business Unit Other Industries, we also have dedicated Business Units for Cleantech, ICT, Life Sciences, Automotive and Material Sciences sectors where Sweden ranks among the top destinations, said Mr. Srikant Illuri, Executive Director & Country Head, ISA. "ISA staff in India as in Sweden have a corporate background and are domain experts within their Business Units. They therefore bring substantial expertise in the investment process. These attributes help ensure professional guidance for Indian investors in Sweden."

Several Indian companies across industries are already running successful operations in Sweden. In the ICT Space, companies like Wipro, Infosys and Tata Consultancy Services have a prominent presence in Sweden. In Cleantech, Kenersys - A Kalyani group company, has wind power projects in Sweden. India has been a well recognized player in the Life Science industry with a number of well established Indian companies collaborating with Swedish companies. Biocon, India's leading biotech company, has partnered with The Karolinska Institutet (KI) for R&D. KI is a world-renowned medical university that selects and awards the Nobel Prize for Medicine & Physiology. Kemwell Pharma from Bangalore made an acquisition of the drug manufacturing unit from Pfizer in Uppsala and has grown to become a big R&D facility. Orchid Pharma has partnered with Biovitrum for drug development. Other Indian companies namely Zydus Cadila and Ranbaxy, have also engaged in collaboration and drug development. In the automotive sector, a large number of automotive component companies including Bharat Forge, Wipro Infrastructure, ISMT and other leading engineering services companies have also established their presence in Sweden.

About ISA

Invest in Sweden Agency (ISA) is a government agency promoting business and investment opportunities in Sweden to foreign investors. The objective is to stimulate an increased flow of foreign direct investment (FDI) to Sweden. ISA is responsible to the Ministry for Foreign Affairs. The vast majority of ISA staff has a background in the corporate sector and expertise in the investment process. Since 1995, ISA and its regional partners have contributed to a large number of investments in Sweden. Examples include new investments, expansions, venture capital funding, joint ventures and strategic alliances in key areas such as R&D, business services and core industrial sectors.

ISA offers assistance with:

- Comprehensive information on business and investment opportunities in Sweden, key business sectors and the Swedish economy

- Tailor-made information and practical advice on how to proceed when setting up a business in Sweden

- Introductions to relevant contacts among Swedish authorities, utility providers and professional service companies such as lawyers, accountants, relocation specialists and recruitment companies

- Assistance in finding and arranging visiting programs to the most suitable locations in Sweden

- Support in finding companies for possible joint ventures or other forms of cooperation

Headquartered in Stockholm, ISA has offices in India, China, Japan and the US. Throughout the world, ISA also cooperates with Swedish embassies and consulates. For more information, please visit www.isa.se.


CONTACT DETAILS
Srikant Illuri, Executive Director, India, Invest in Sweden Agency (ISA), +91 (11) 46067132, srikant.illuri@isa.se

KEYWORDS
CONSUMER, MARKETING, AUTOMOTIVE, BANKING, BUSINESS SERVICES, IT, GROUPS, TECHNOLOGY, AUTOMOTIVE, HEALTHCARE

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