Prime Minister Narendra Modi has stated that receiving the ‘Order of the Polar Star’, Sweden’s highest honour, is not just a personal accolade but a recognition for the 140 crore people of India. He expressed this sentiment during his address at the CEO Round Table of the European Round Table for Industry (ERT) meeting held in Gothenburg on May 18.

PM Modi highlighted the significance of the award, stating it also acknowledges the contributions of those who have worked towards fostering stronger ties between India and Sweden. He underscored the growing partnership between the two nations, emphasising their shared commitment to innovation, sustainability, and industrial cooperation.

During his address, Modi outlined the foundational values that characterise the relationship, including respect for democratic principles and a focus on human-centric development. He reiterated that both India and Sweden view innovation as a crucial driver of progress while sharing responsibilities in sustainability.

Strengthening Strategic Partnerships

The Prime Minister confirmed that discussions during the meeting centred on enhancing bilateral cooperation grounded in their mutual values. He announced that both nations have agreed to elevate their relationship to the level of a Strategic Partnership. This decision marks a significant advancement in the collaborative landscape between the two countries.

At the event, PM Modi extended invitations to European companies to deepen their engagement and invest more substantially in India. This call to action was aimed at various sectors, including telecom, technology, and infrastructure.

Taking place on May 17 in Gothenburg, an industrial hub of Sweden, the gathering brought together some of the most influential corporate leaders to discuss potential investment and collaboration avenues. Co-hosted by Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen, the meeting underscores the importance of strengthening India-Europe relations.

Focus on Collaborative Growth Across Key Sectors

During the session, PM Modi introduced a five-sector framework aimed at reinforcing India-Europe industrial cooperation. He urged companies to commit to a renewed partnership with India within the next five years. The focal sectors identified included telecom and digital infrastructure, artificial intelligence and semiconductors, clean energy, infrastructure, and healthcare.

In addition to proposing a comprehensive framework, Prime Minister Modi suggested various institutional mechanisms to fortify the business relationship between India and Europe. This included establishing an annual India-Europe CEO Roundtable and setting up sector-specific working groups to expedite collaboration in the identified priority sectors.

Furthermore, he proposed the creation of an ERT India Desk to aid companies operating in India and facilitate new entrants into the Indian market. Modi also mentioned the importance of government-backed evaluations of flagship projects to ensure timely execution, reiterating India’s support for significant investment initiatives through these collaborations.

The meeting comes at a time of evolving relations between India and the European Union, including the recent conclusion of the India-EU Free Trade Agreement and a new Security and Defence Partnership, among other developments. The ERT is widely recognised as one of Europe’s premier business forums, consisting of approximately 55 Chief Executives representing major multinational corporations. It plays a vital role in dialogues concerning economic policy within the EU framework.

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