IKEA to raise its India sourcing to 50% from 30%
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Stockholm: Swedish major IKEA will raise its sourcing from India to 50% from 30% now, Benjamin Dausa , Sweden's minister for international development cooperation and foreign trade said Wednesday. He called upon both India and the European Union to forge a trade agreement that focuses not just on tariff barriers but also on non-tariff barriers.Addressing a joint session of industry leaders from India and Sweden, Dausa said India can become an increasingly "trusted manufacturing" and the prospect of a trade deal between the European Union and India represents an incredible opportunity.In an "unstable world" both are partners who will complement each other and be resilient together, he said at a session jointly organised by CII and Confederation of Swedish Enterprises in Stockholm."IKEA has communicated their ambition to amplify sourcing locally from India to 50% for its global operations, from the current 30%," Dausa said, citing the company's example to highlight the importance of the Indian market for Swedish companies. The Swedish furniture company entered in India in 2018.
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