IKEA To Increase India Sourcing From 30% To 50%

(MENAFN- KNN India) New Delhi, Jun 12 (KNN) Swedish furniture giant IKEA will increase its sourcing from India to 50 per cent of its global operations, up from the current 30 per cent, announced Benjamin Dausa, Sweden's Minister for International Development Cooperation and Foreign Trade, on Wednesday.

This move highlights the growing importance of India in global supply chains.

Speaking at a joint industry session organized by the Confederation of Indian Industry (CII) and the Confederation of Swedish Enterprises in Stockholm, Dausa emphasised the potential of India as a“trusted manufacturing partner.”

He noted that in today's unstable global environment, India and the European Union have the chance to become resilient and complementary trade partners.

Dausa urged both India and the EU to work toward a comprehensive trade agreement.“It should go beyond tariff barriers and also address non-tariff barriers to promote fair and sustainable trade,” he said.

Highlighting IKEA's move as a key example, he pointed out that the company, which entered the Indian market in 2018, sees significant value in local sourcing.

This aligns with India's Make in India initiative and supports the country's position as a global manufacturing hub.

The announcement reinforces the growing interest of Swedish companies in India and signals stronger bilateral economic ties between the two nations.

(KNN Bureau)

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