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In a packed evening session bringing together some of Europe's most influential corporate leaders, Prime Minister Narendra Modi addressed the European Round Table for Industry (ERT) and urged companies to invest in India. Held on the evening of May 17 in Gothenburg, Sweden's industrial hub and a symbol of European manufacturing strength, the high-level roundtable saw the Prime Minister speak before senior executives representing some of Europe's largest corporations.

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The event, co-hosted by Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen, marked one of the most significant diplomatic and business engagements between India and Europe in recent years. The ERT session brought together leading companies from sectors including telecom, technology, energy, infrastructure, healthcare and manufacturing. Representatives from firms such as Vodafone, Ericsson, Nokia, Orange, ASML, SAP, Capgemini, Shell, Volvo Group, Maersk, Airbus, AstraZeneca, Roche, Nestle and Unilever were among those present.

PM Modi's Pitch for Investment

During the session, Prime Minister Modi outlined a five-sector framework for deeper India-Europe industrial collaboration and called on every company present to make a new commitment to India within the next five years. He spoke about India's reform journey, the recently concluded India-EU Free Trade Agreement, described as the "Mother of all Deals", and the structural advantages India offers to global businesses.

Five Priority Sectors Identified

The five priority sectors identified for partnership included telecom and digital infrastructure, AI and semiconductors, green transition and clean energy, infrastructure and mobility, and healthcare and life sciences.

Proposed Institutional Mechanisms

The Prime Minister also proposed several institutional mechanisms to strengthen the India-Europe business relationship, including an annual India-Europe CEO Roundtable, sector-specific working groups to accelerate cooperation in priority sectors, an ERT India Desk or India Action Group to assist companies operating in India and support new entrants, and government-backed institutional reviews of flagship projects to ensure timely delivery. Emphasising India's commitment to supporting investors, the Prime Minister said the government would back every major project identified through these collaborations.

Deepening India-EU Strategic Ties

The Gothenburg meeting came amid several major India-EU developments, including the conclusion of the India-EU Free Trade Agreement, a new Security and Defence Partnership, a Mobility Agreement and ongoing cooperation through the India-EU Trade and Technology Council.

India's Economic Strengths and Reforms

Highlighting India's economic progress, the Prime Minister pointed to the country's position as the world's fastest-growing major economy, home to 1.4 billion people and the world's third-largest startup ecosystem. He also referred to major reforms undertaken over the past twelve years, including GST implementation, insolvency reforms, corporate tax reductions, Production Linked Incentive schemes, FDI liberalisation and a reduction in regulatory compliance.

About the ERT

The European Round Table for Industry (ERT) is a forum comprising around 55 Chief Executives and Chairpersons of major European multinational companies across industrial and technological sectors. It is regarded as one of Europe's most influential business bodies and regularly engages with European Union institutions and member state governments on economic policy matters. (ANI)