The Indian Commerce Minister, Piyush Goyal, announced that the Nordic-Baltic region is emerging as a promising market for Indian products, with exports to the area surging by over 39% from 2018-19 to 2022-23. Goyal extended an invitation to companies from the Nordic-Baltic region to invest in India and establish production units.

Addressing the CII India Nordic-Baltic Business Conclave 2023 in New Delhi, Goyal highlighted remarkable export growth rates to Finland and Norway, surpassing 100% and 80%, respectively. Emphasising the potential for collaboration, he urged Nordic-Baltic nations to capitalise on India's economies of scale, expressing confidence in India's trajectory from a $3.5 trillion economy to a projected $35 trillion economy in the next 30 years.

Identifying key sectors for cooperation, Goyal pointed to opportunities in pharmaceuticals, IT, Artificial Intelligence, Internet of Things (IoT), electric vehicles, and the marine industry. He praised the Nordic-Baltic region for its leadership in innovation, green tech, AI, and blockchain-led transformations, identifying these areas as ripe for collaboration with India.

Discussing ongoing negotiations, Goyal stated that India is actively pursuing Free Trade Agreements (FTA) with both the European Union (EU) and the European Free Trade Association (EFTA). He highlighted the potential for expanding trade beyond goods and services to include tourism, technology, innovation, and green energy, aligning with India's growth story with a focus on AI and blockchain.

Goyal invited Nordic-Baltic companies to participate in upcoming trade shows such as Bharat Mobility and BharatTex events scheduled for February 1 and February 26 next year, respectively. He provided details about the events, mentioning that BharatTex will feature over 3,500 exhibitors from nearly 40 countries, with a focus on electrical components at the Bharat Mobility show.

Prime Minister Aksel Vilhelmson Johannesen of the Faroe Islands expressed interest in collaboration, particularly in fisheries, aquaculture, and technology. Highlighting the Faroe Islands' expertise in deep-sea fishing and cutting-edge technologies, he underscored the potential synergies between India's marine resources and the Faroe Islands' technological prowess for fruitful collaboration.

Source: Livemint