India’s Exports to Nordic-Baltic Region Surge by 39% in 5 Years, Piyush Goyal Invites Investment: India’s trade ties with the Nordic-Baltic region are thriving, with exports witnessing a remarkable 39% surge from 2018-19 to 2022-23, according to Union Commerce Minister Piyush Goyal. The minister, addressing the CII India Nordic-Baltic Business Conclave 2023, extended an invitation to companies from the Nordic-Baltic region to invest in India, emphasizing the potential for growth in the Indian market.
India’s Exports to the Nordic-Baltic Region:
During his address, Minister Goyal highlighted the substantial export growth, with Finland and Norway experiencing over 100% and 80% increases, respectively. He encouraged companies from the Nordic-Baltic region to leverage India’s economies of scale by establishing production units in the country.
Opportunities Identified:
Minister Goyal identified key opportunities in sectors such as pharmaceuticals, IT, Artificial Intelligence (AI), Internet of Things (IoT), electric vehicles, and the marine industry. He emphasized that India’s burgeoning $3.5 trillion economy is poised to reach $35 trillion in the next 30 years.
Areas for Collaboration:
The minister underscored the Nordic-Baltic region’s strengths in innovation, green technology, AI, blockchain-led transformation, supply chain logistics, and fintech. He expressed the immense potential for collaboration with India in these areas.
FTA Negotiations and Future Prospects:
Minister Goyal provided insights into the ongoing India-EU Free Trade Agreement (FTA) negotiations, emphasizing the intention to explore new opportunities in tourism, technology, innovation, and greener energies. The focus on AI and blockchain aligns with India’s growth narrative.
Invitation to Trade Shows:
Goyal invited companies from the Nordic-Baltic region to participate in upcoming trade shows, including Bharat Mobility and BharatTex events scheduled for February 1 and February 26 next year, respectively. These events will showcase over 3,500 exhibitors from nearly 40 countries, with a spotlight on electrical components at Bharat Mobility.
Collaboration Potential:
Prime Minister Aksel Vilhelmson Johannesen of the Faroe Islands expressed interest in collaboration, particularly in fisheries, aquaculture, and technology. He highlighted the potential synergies between India’s marine resources and the Faroe Islands’ technological expertise.
In conclusion, the surge in Indian exports to the Nordic-Baltic region not only reflects growing economic ties but also sets the stage for collaborative ventures and investments in key sectors.