PM Modi pitches bold investment vision to Europe's top CEOs at historic ERT roundtable in Gothenburg

On May 17, 2026, an Indian head of government addressed the European Round Table for Industry (ERT) in Gothenburg, Sweden — the first time an Indian Prime Mi...

What Happened

On May 17, 2026, an Indian head of government addressed the European Round Table for Industry (ERT) in Gothenburg, Sweden — the first time an Indian Prime Minister has addressed this body — at an event co-hosted by the Swedish Prime Minister and the President of the European Commission.
The event brought together approximately 60 CEOs and Chairs from Europe's largest multinationals, including Vodafone, Ericsson, Nokia, Orange, ASML, SAP, Capgemini, Shell, Volvo Group, Maersk, Airbus, AstraZeneca, Roche, Nestlé, and Unilever.
Five priority sectors for India-Europe industrial partnership were identified: Telecom and Digital Infrastructure; AI, Semiconductors and Electronics; Green Transition and Clean Energy; Infrastructure, Mobility and Urban Transformation; and Healthcare and Life Sciences.
Two institutional proposals were made: an annual India-Europe CEO Roundtable and an ERT India Desk (India Action Group) to assist European companies entering or operating in India.
The address highlighted the recently concluded India-EU Free Trade Agreement (January 2026) as a foundational framework for deeper industrial collaboration.
India invited European industry to participate in large-scale infrastructure and energy transition programmes, including green hydrogen, nuclear energy, and transport logistics.

Static Topic Bridges

European Round Table for Industry (ERT)

The European Round Table for Industry (ERT) was established on June 1, 1983, in Amsterdam by 17 European business leaders, convened initially in Paris by Pehr G. Gyllenhammar (then CEO of Volvo). It was created during a period of "Eurosclerosis" — stagnant European industrial competitiveness relative to the US and Japan — with the mandate to push for a unified European market, high-technology cooperation, and trans-European infrastructure. ERT played a significant role in shaping the European Single Market completed in 1993.

Membership: approximately 60 Chief Executives and Chairs of leading European-parentage multinationals.
Combined revenues of ERT member companies: exceed €2 trillion; direct employment: approximately 5 million people worldwide.
ERT lobbies European institutions on industrial policy, trade, energy, and digital regulation.
ERT is registered as a European-level lobbying organisation and publishes regular position papers on EU industrial competitiveness.
Headquarters: Brussels, Belgium.

Connection to this news: An address to the ERT is effectively an address to the commanding heights of European industry — companies that collectively have capital allocation decisions running into trillions of euros. This makes the ERT engagement one of the highest-impact formats for India's investment promotion.

India-EU Free Trade Agreement (2026) — Strategic Context

The India-EU FTA, concluded in January 2026 after negotiations re-launched in 2022 (originally stalled since 2013), is the largest FTA either partner has ever concluded, covering approximately 2 billion people and ~25% of global GDP. The FTA creates structured market access, lowers tariffs, harmonises standards, and creates new rules for digital trade and intellectual property — thereby reducing the cost and risk for European companies investing in India.

Tariff elimination on 96–97% of bilateral trade by value.
India agreed to cut automobile import tariffs from up to 110% to 10% over five years.
EU exporters stand to save up to €4 billion annually in tariffs once implemented.
Zero-duty access for Indian exports: textiles, apparel, marine products, leather, footwear, chemicals, gems, and jewellery.
Dedicated chapters on digital trade, SMEs, competition policy, and sustainable development.
Expected to enter into force: late 2026 or early 2027.

Connection to this news: The ERT roundtable explicitly used the FTA as a launchpad — moving from a legal framework to operational investment roadmaps. The ERT India Desk proposal is designed to translate the FTA's market opening into actual corporate investment decisions.

India's Industrial and Infrastructure Opportunity

India is one of the fastest-growing major economies globally, with a nominal GDP of approximately USD 3.9 trillion (2025) and a target to reach USD 5 trillion by 2027. The government's large-scale capital expenditure (capex) programme — ₹11.11 lakh crore in Union Budget 2024-25 — and sector-specific PLI (Production Linked Incentive) schemes across 14 sectors have created structured entry points for foreign industrial investment.

PLI schemes: launched 2020–2021, covering 14 sectors including mobile phones, pharmaceuticals, medical devices, automobiles, advanced chemistry cells, textiles, food processing, telecom, white goods, specialty steel, solar PV modules, and semiconductors. Total outlay: approximately ₹1.97 lakh crore.
Green Hydrogen Mission: target of 5 million tonnes/year by 2030; National Green Hydrogen Mission outlay: ₹19,744 crore (approved 2023).
National Infrastructure Pipeline (NIP): planned investment of ₹111 lakh crore (2019–2024, extended); sectors include energy, roads, urban, railways, digital infrastructure.
India is the 3rd largest energy consumer in the world (IEA data), with a stated commitment to 500 GW renewable energy by 2030.

Connection to this news: The five priority sectors pitched at the ERT map precisely onto India's PLI and NIP frameworks — meaning European companies have defined government incentive structures to access, not just a generic investment environment.

EU Industrial Policy and the "Open Strategic Autonomy" Doctrine

The European Union has articulated an "Open Strategic Autonomy" (OSA) doctrine since 2021 — a framework that seeks to reduce strategic dependencies (especially on China) while remaining open to international trade and investment. Under OSA, the EU has used instruments like the European Chips Act (2023), Critical Raw Materials Act (2024), and Net-Zero Industry Act (2024) to build domestic industrial capacity while seeking reliable external partners. India is positioned as a key OSA partner.

European Chips Act (2023): EUR 43 billion mobilised to double EU's share of global semiconductor production from ~10% to 20% by 2030.
Critical Raw Materials Act (2024): Targets strategic partnerships with "strategic partners" (including India) for sourcing 34 critical raw materials; benchmarks: no more than 65% of annual consumption from a single third country for any strategic raw material.
The European Commission has defined India as a "natural partner" in the EU's Indo-Pacific Strategy (2021).
ERT's role: advocates that the EU should seek "deep industrial partnerships" rather than protectionist decoupling.

Connection to this news: The ERT roundtable is precisely the corporate-level mechanism through which OSA principles translate into business partnerships — the ERT India Desk is designed to institutionalise this channel.

India-Sweden Bilateral Relations and the Gothenburg Venue

The choice of Gothenburg (Sweden's second-largest city and home to Volvo) as the venue reflects India-Sweden bilateral ties. The ERT was founded with Volvo's CEO as convener, and Sweden (through Ericsson, Volvo, SKF, AstraZeneca) has been a significant European partner for India in telecom, automotive, and life sciences. Both countries agreed to double bilateral trade and investment within five years during the visit.

India-Sweden bilateral trade (2024-25): approximately USD 3 billion.
Swedish companies in India: Ericsson (telecom equipment, present since 1903), Volvo (trucks and buses), SKF (bearings), IKEA (retail), AstraZeneca (pharma), Sandvik (engineering tools).
Sweden-India Innovation Partnership has a dedicated Joint Innovation Partnership on sustainability and circular economy.
Ericsson has its second-largest global R&D hub in India (after Sweden).
Sweden is a non-NATO member that recently joined NATO in March 2024, shifting the security calculus in Nordic engagement.

Connection to this news: Holding the ERT roundtable in Gothenburg — Volvo's home city — was symbolically appropriate given Volvo's founding role in ERT and Sweden's importance as an industrial and innovation bridge between India and Northern Europe.

Key Facts & Data

ERT established: June 1, 1983, Amsterdam; founded by 17 European business leaders.
ERT membership: approximately 60 CEOs and Chairs; combined revenues exceed €2 trillion.
Participating companies at Gothenburg roundtable (selected): Vodafone, Ericsson, Nokia, Orange, ASML, SAP, Capgemini, Shell, Volvo Group, Maersk, Airbus, AstraZeneca, Roche, Nestlé, Unilever.
Five priority sectors: Telecom & Digital; AI, Semiconductors & Electronics; Green Transition & Clean Energy; Infrastructure, Mobility & Urban Transformation; Healthcare & Life Sciences.
Institutional proposals: Annual India-Europe CEO Roundtable + ERT India Desk.
India-EU FTA concluded: January 2026; tariff coverage: 96–97% of bilateral trade by value.
India's National Green Hydrogen Mission outlay: ₹19,744 crore; target: 5 million tonnes/year by 2030.
India's PLI schemes: 14 sectors, outlay approximately ₹1.97 lakh crore.
Union Budget 2024-25 capital expenditure: ₹11.11 lakh crore.
European Chips Act (2023): EUR 43 billion mobilised; target: 20% of global chip production by 2030.
India-Sweden bilateral trade: approximately USD 3 billion (2024-25).
Sweden joined NATO: March 2024 (32nd member).