Technology Sector in Sweden

Even today US & UK continue to contribute about 80% to Indian IT industry’s export revenue. The onset of the pandemic, altering geo-political situations, business un-certainties, and the need to diversify is compelling businesses to explore newer markets that are relatively under penetrated but have high potential. The Nordics is clearly one of them. 

The region enjoys a higher GDP growth compared to the EU average, is consistently ranked as one of the easiest places to do business, is an early adopter of technology and home to some of the most innovative brands and large scale corporations.

The economy of the region is worth USD 1.53 Trillion and is rated high on transparency and social equality index. With an external IT spend of USD 18.9 billion, Sweden accounts for about 40 percent of the total IT spend in the Nordics. India - Sweden tech partnership dates back many years. Companies like Atlas Capco, Ericsson, IKEA, Volvo, SKF and ABB have established capability centers in India focusing both on serving the Indian market and leveraging the capabilities of Indian talent for driving digital and enterprise innovation.  India is the 3rd largest trading partner for Sweden in Asia. Today there are over 200 registered Swedish companies in India that indirectly employ over 1.2 million people.