New Delhi, Sep 13 - India's business with Sweden is booming and bilateral trade is likely to double to $5 billion in five years, according to a report by the Confederation of Indian Industry (CII).

Bilateral trade expanded almost four-fold between 2002-03 and 2007-08 to stand at $2.7 billion. India exports a range of manufactured products to Sweden, including iron and steel items, automotives and machinery parts. Major imports from the Scandinavian country are electrical equipment and machinery.

Swedish investments in India crossed $500 million between April 2000 and May 2009, CII said. Indian investments in Sweden are also increasing, especially in the IT and pharmaceutical sectors.

The report will be officially released in Sweden later this week during Commerce and Industry Minister Anand Sharma's visit to Stockholm. A CII delegation will accompany Sharma to Sweden during Sep 14-16.