The level of desperation could be seen from the Chinese leaders on buying the companies those who are having financial and sustainable difficulties during Chinese generated COVID-19.
The recent decision of Government of India to place curbs on Chinese companies buying Indian corporate assets have come at the right time as China is seen moving aggressively to completely buyout of the Swedish brands like Volvo and Hasselblad, in which China had been gradually building up stake over the years.
Volvo, the auto manufacturer setup in 1927 and Hasselblad, founded in 1841 and whose cameras have been used by NASA, are the two most iconic brands now have majority Chinese stakes.
It is also in the news that many municipalities and provinces in Sweden are even breaking away their ‘twin city’ engagements with China over COVID-19. COVID-19 crisis means that not only many established Swedish businesses would be looking eastwards but also many start-ups and SME’s that are teeming with innovative ideas.
It is a time when Indian businesses looking to establish themselves internationally must glance at Sweden and the Nordics and the world class quality brands like IKEA, H&M etc.