Salient points
- Ikea plans to increase its supply from India to 50% from the current 30%, underlining the importance of the Indian market in its global operations.
- Benjamin Dausa, Minister of Sweden for international development cooperation and foreign trade, urged India and the European Union to establish a global commercial agreement that faces tariff and non -Tarifase barriers.
- Dausa highlighted the potential of India as a reliable manufacturing partner, suggesting that a commercial agreement between the European Union and India could offer significant opportunities in global instability.
The Swedish Ikea major will increase its supply from India to 50% from 30% now, Benjamin Dausa, Minister of Sweden for international development and foreign trade said on Wednesday. He invited both India and the European Union to forge a commercial agreement that focuses not only on tariff barriers but also on non -Tarifase barriers.By addressing a joint session of the sector leaders from India and Sweden, Dausa said that India can become an increasingly trusted “production” and the prospect of a commercial agreement between the European Union and India represents an incredible opportunity.
In an “unstable world” both are partners who will complete each other and will be resilient together, he said in a session organized jointly by Cii and Confederation of Swedish companies in Stockholm.
“Ikea has communicated their ambition to amplify the supply locally from India to 50% for its global operations, from the current 30%,” said Dausa, citing the example of the company to highlight the importance of the Indian market for Swedish companies. The Swedish furniture company entered India in 2018.
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