Gothenburg, May 18. Prime Minister Narendra Modi made a diplomatic appeal to Europe's leading multinational companies to become partners in India's development path and invest significantly while addressing a special and high-profile session of the 'European Round Table for Industry' (ERT) held in Gothenburg, Sweden.
The summit, co-hosted by Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen, included CEOs and chairpersons from 55 of the world's most influential companies such as Vodafone, Ericsson, Nokia, Shell, Volvo, Airbus, and Nestlé. Prime Minister Modi presented a special five-tier diplomatic framework to enhance deep industrial and strategic cooperation between India and Europe before the global business community and called on each company to make a new investment commitment to India over the next five years. According to official information shared with digital media, the Prime Minister identified five key sectors to strengthen the diplomatic and economic partnership between the two regions, which include telecom and digital infrastructure, artificial intelligence (AI) and semiconductors, green transition and clean energy, infrastructure and mobility, and healthcare and life sciences.
To accelerate cooperation in these sectors, PM Modi proposed establishing several important diplomatic and institutional mechanisms, including organizing an annual India-Europe CEO Roundtable, forming sector-specific working groups, and setting up a dedicated 'ERT India Desk' or 'India Action Group' to assist European companies operating in India. He praised the recently concluded India-European Union (EU) free trade agreement (FTA), calling it the 'mother of all deals' for trade expansion. Assuring global investors, Prime Minister Modi specifically mentioned India's strong economic progress and the transformative policy reforms made over the past twelve years, which include the successful implementation of the Goods and Services Tax (GST), insolvency reforms, historic cuts in corporate tax, production-linked incentive (PLI) schemes, and liberalization of foreign direct investment (FDI).
He stated that with a market of 1.4 billion consumers and the world's third-largest startup ecosystem, India is today the brightest star in the global economy. The government is committed to providing full institutional and administrative support to complete each major and flagship project identified through these diplomatic efforts on time, which will provide both economies with new diplomatic strength in the future.
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