Prime Minister Narendra Modi delivered a bold pitch to Europe’s most powerful corporate leaders during a historic session of the European Round Table for Industry in Gothenburg on 17 May.

The event, held in Sweden’s industrial hub and co-hosted by Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen, was one of the most significant diplomatic and business engagements between India and Europe in recent years. Modi urged companies to invest in India, presenting a comprehensive framework for industrial collaboration and highlighting the country’s economic transformation.

The roundtable brought together senior executives from some of Europe’s largest corporations across diverse sectors such as telecom, technology, energy, infrastructure, healthcare and manufacturing. Among those present were representatives from Vodafone, Ericsson, Nokia, Orange, ASML, SAP, Capgemini, Shell, Volvo Group, Maersk, Airbus, AstraZeneca, Roche, Nestle and Unilever. The presence of such a wide spectrum of industry leaders underscored the importance of the dialogue and the scale of opportunities being discussed.

In his address, Modi outlined a five-sector framework for deeper India-Europe industrial cooperation. The priority areas identified included telecom and digital infrastructure, artificial intelligence and semiconductors, green transition and clean energy, infrastructure and mobility, and healthcare and life sciences.

He called on every company present to make a new commitment to India within the next five years, emphasising that the country’s reform journey and structural advantages make it a uniquely attractive destination for global businesses. He described the recently concluded India-EU Free Trade Agreement as the “Mother of all Deals”, signalling its transformative potential for bilateral economic ties.

To institutionalise and strengthen the India-Europe business relationship, Modi proposed several mechanisms. These included an annual India-Europe CEO Roundtable, sector-specific working groups to accelerate cooperation in priority sectors, the establishment of 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.

He assured investors that the Indian government would back every major project identified through these collaborations, reinforcing confidence in India’s commitment to supporting global industry.

The Gothenburg meeting took place against the backdrop of several major India-EU developments. These included the conclusion of the India-EU Free Trade Agreement, the launch of a new Security and Defence Partnership, a Mobility Agreement, and ongoing cooperation through the India-EU Trade and Technology Council. Modi’s pitch was therefore not only about investment but also about embedding India more deeply into Europe’s strategic and economic frameworks.

Highlighting India’s economic progress, Modi 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 start-up ecosystem. He referred to major reforms undertaken over the past twelve years, including the implementation of the Goods and Services Tax, insolvency reforms, corporate tax reductions, Production Linked Incentive schemes, liberalisation of foreign direct investment and a reduction in regulatory compliance. These measures, he argued, have created a robust and investor-friendly environment that global corporations cannot afford to ignore.

The European Round Table for Industry itself 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.

Modi’s participation in this forum marked a significant milestone in India’s engagement with Europe, signalling a new phase of industrial and strategic partnership.

ANI