"It's a serious situation and we have to handle the problem and because of that we are (carrying out) this research," he tells Radio Sweden, adding that the report should be ready by August 2016.
Hultqvist says he will invite other political parties to discuss what can be done to keep troops numbers at appropriate levels so that there will be a parliamentary consensus if it's decided to revive national conscription.
The minister declined to comment on what he felt was the Swedish military's weakest link and instead says that investments are what should be in focus.
"The most wise thing to do is to upgrade the general military capabilities," he says.
For more on the Swedish military and the question of Nato membership, check out the latest edition of our podcast Radio Sweden Weekly where we look at the state of the Swedish Armed Forces.