Finland and India can work together to find common solutions to global challenges, according to Finnish Minister for Development Cooperation and Foreign Trade Ville Tavio.
“You may be aware that there are many Finnish companies in India including Kone which makes elevators and Nokia which is a telecom service provider. Similarly, there are many Indian companies in Finland. We also hope that the India EU Free Trade Agreement (FTA) concludes soon as it would be mutually beneficial for all countries involved,” Tavio said.
Tavio highlighted the potential for positive outcomes in areas such as digitisation, education, sustainability, and innovation (DESI). He also highlighted the value of trade between the two countries, highlighting the presence of Finnish companies in India, such as Kone and Nokia. Tavio also expressed hope for the India EU Free Trade Agreement (FTA) to be concluded soon, as it would be mutually beneficial for all involved countries. Finland is also considering supporting sustainability projects in India, seeking collaborations with start-ups. Commerce Minister Piyush Goyal said proposed FTA agreements with the EU and EFTA group are doable but should consider India’s interests. The Nordic region includes Denmark, Norway, Sweden, Finland, Iceland, Faroe Islands, Greenland, and Estonia, while the Baltic states include Estonia, Latvia, and Lithuania.
The prospects for increased trade volumes between India and Finland in the coming decades are promising, driven by several factors. India’s rapidly growing population and expanding economy present significant opportunities for bilateral trade. With a population which has already surpassed 1.3 billion, India offers a substantial consumer market for Finnish goods and services.
India’s economic development, technological advancements, and a burgeoning middle class create a demand for high-quality products, innovation, and expertise—areas where Finland excels. Finnish companies, particularly in sectors like technology, renewable energy, and healthcare, are well-positioned to cater to India’s evolving needs. Furthermore, India’s emphasis on sustainability aligns with Finland’s strengths in green technologies and environmental solutions. As India addresses environmental challenges and seeks sustainable development, Finnish expertise in clean energy, waste management, and circular economy practices can find substantial relevance in the Indian market.
In addition, the ongoing digitalization efforts in both countries provide avenues for collaboration. Finland, known for its prowess in digital innovation, can contribute to India’s digital transformation initiatives. Increased cooperation in information technology, telecommunications, and digital services can fuel economic growth for both nations. Trade agreements and diplomatic initiatives can further boost economic ties. Strengthening diplomatic relations and negotiating trade agreements that facilitate smoother cross-border transactions will be essential. The elimination of trade barriers and the creation of a favorable business environment will encourage businesses in both countries to explore and expand partnerships.
The growing population and economic dynamism of India, combined with Finland’s technological prowess and commitment to sustainability, create a favorable environment for increased trade volumes between the two nations in the coming decades. Strategic collaborations, market-oriented innovations, and targeted trade policies can unlock the full potential of this mutually beneficial relationship.
