Sweden to be key for IT cos

New Delhi, Aug. 10: Sweden is set to become a key destination for Indian IT firms, helped by factors like large spending on IT services and high rate of innovation, a Nasscom report said on Thursday.

The report titled was identified as the ‘Sweden a key driver of country with 40 per cent Nordic ICT growth’ found ($23 billion in 2016-17) of that along with having a the total share of the higher GDP growth com- Nordic IT spend. pared to the European The report forecasts Union average, the that with an increasing Nordic countries consistently demand for expertise, the rank among the trend of increased sourcing most business-friendly will continue and the nations in the world. market is expected to These countries are also grow by 3.6 per cent to a ranked second in innovation total value of $6.65 billion globally. by 2017.

The report inferred that “India and Sweden’s IT among all Nordic countries, ecosystem have a mutual Sweden has the affinity for each other. highest GDP of $550 billion. Both the countries are at With big technology the threshold of digitisation, names like Truecaller, opening multiple Candy Crush, Skype and opportunities for the Spotify, Sweden is also countries to collaborate,” home to several notable Nasscom president R. companies, it said. Chandrashekhar said.

In the report, Sweden