Indian Economy News

India’s exports to Nordic Countries have increased significantly in recent years: Mr. Piyush Goyal

Exports to Finland and Norway have increased by more than 100% and 80%, respectively, according to Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal, who spoke at the CII India Nordic-Baltic Business Conclave 2023 in New Delhi.

The Nordic-Baltic region is emerging as a new potential market for Indian products, with exports to the region increasing by 39% between 2018-19 and 2022-23, according to Mr. Piyush Goyal, who invited Nordic-Baltic companies to invest in the country and set up manufacturing units.

“We want you (Nordic region) to produce in India by leveraging the economies of scale that India offers. The Indian market can help you grow", the minister stated, noting that India's economy is currently valued at US$ 3.5 trillion and is projected to increase to US$ 35 trillion over the next 30 years.

The minister noted prospects in medicines, information technology, artificial intelligence, the Internet of Things (IoT), electric vehicles, and maritime.

He said, “Nordic-Baltic nations have the best innovation, green tech, AI and blockchain-led transformation, supply chain logistics and fintech, and these are the areas where there is a huge scope for collaboration with India”.

About the ongoing free trade agreements between India and the EU, he stated, “We are actively pursuing an FTA with both the EU and EFTA, which is eminently doable. This endeavour aims to expand trade not only in goods and services but also explore new opportunities in tourism, technology, innovation and greener energies, weaving India's growth story with a focus on AI and blockchain".

Mr. Goyal also asked Nordic-Baltic enterprises to participate in the upcoming trade fairs such as Bharat Mobility and BharatTex, which are scheduled to start from February 1st -3rd and February 26th-29th, next year (2024) respectively.

According to him, BharatTex will have over 3,500 exhibitors from over 40 nations, while the electrical component will be the main highlight of Bharat Mobility.

Mr. Benedikt Hoskuldsson, Special Envoy for Climate, Ministry of Foreign Affairs Iceland, Ms. Mariin Ratnik, Deputy Minister for Economic and Development Affairs the Republic of Estonia, Mr. Jurģis Miezainis, Parliamentary Secretary at the Latvian Ministry of Economics, Republic of Latvia, Mr. Egidijus Meilūnas, Vice Minister of Foreign Affairs, Republic of Lithuania, Mr. Andreas Motzfeldt Kravik, Deputy Foreign Minister, Kingdom of Norway, Mr. Ville Tavio, Minister for Development Cooperation and Foreign Trade, Republic of Finland, Mr. Niklas Wykman, Minister for Financial Markets, Kingdom of Sweden and Mr. Aksel Vilhelmson Johannesen, Prime Minister, Faroe Islands also expressed their views on the relations of Nordic countries with India on the occasion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.