The former Three Lions boss believes the new man has the right credentials for the job and has urged the country to support him ahead of the European Championships in June
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Despite boasting an impressive CV which has seen him manage all over the world, Hodgson was initially only tentatively linked with the job, with Tottenham boss Harry Redknapp the supposed front-runner.
However, Eriksson has backed his old friend to do a good job for the national team and believes he will bring a degree of organisation to the squad.
"I have known Roy very well for many years, I am a friend of his," Eriksson told BBC Sport. "Tomorrow I will phone him to congratulate him.
"He is very organised, knows his football and has been successful in many countries.
"He will do a very good job, I am sure. Back him up and help him."
The Swede was quick to jump to the defence of Hodgson when it was suggested the former Fulham man did not have a big enough personality for the job.
He continued: "I don't think that's fair. He is a good man and has charisma, of course he has."
Eriksson’s appointment as England boss in 2001 was not met with universal approval, with many sections of the country’s media arguing an Englishman should have been given the post.
And Eriksson believes Hodgson will also have to accept he will not be everybody’s preferred choice for the job.
"It's always like that, isn't it?" he added. "When I took that job, I wasn't English and some people never accepted that. But why shouldn't people be behind him at the start?"
Despite this, Eriksson believes Hodgson’s appointment is a good decision and believes the country can do well at Euro 2012.
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"When I think about it, it's actually not a surprise. Roy is English and has huge experience of international football. I think it is a very good choice," he added.
"West Brom have been doing extremely well under him and he will try to play good football with England, of course.
"He is starting a little bit more than a month before the Euros start and shouldn't be judged on that tournament, although I am sure England can do well there under Roy."