Exports to Nordic nations surge, notes Minister Piyush Goyal

Union Minister Piyush Goyal disclosed notable surges in exports to Finland and Norway, exceeding 100% and 80%, respectively, during his address at the CII India Nordic-Baltic Business Conclave 2023 in New Delhi. Emphasizing the Nordic-Baltic region’s emergence as a promising market for Indian products, Goyal reported a 39% increase in exports between 2018-19 and 2022-23. He extended an invitation to Nordic-Baltic companies to invest in India, underscoring the nation’s potential for economic expansion.

Goyal urged the Nordic region to leverage India’s economies of scale, emphasizing India’s current $3.5 trillion economy, projected to reach $35 trillion in the next 30 years. He identified opportunities in various sectors, including medicines, information technology, artificial intelligence, the Internet of Things (IoT), electric vehicles, and maritime.

Highlighting the Nordic-Baltic nations’ prowess in innovation, green tech, AI, blockchain, supply chain logistics, and fintech, Goyal emphasized substantial collaboration potential with India. Regarding ongoing free trade agreements with the EU, he expressed active pursuit and a focus on broadening collaboration beyond goods and services to encompass tourism, technology, innovation, and greener energies, with a specific emphasis on AI and blockchain.

Additionally, Goyal encouraged Nordic-Baltic enterprises to participate in upcoming trade fairs, namely Bharat Mobility and BharatTex, scheduled for early 2024. BharatTex is anticipated to host over 3,500 exhibitors from 40 nations, with Bharat Mobility showcasing electrical components.

Noteworthy figures from Nordic countries, including Mr. Benedikt Hoskuldsson, Ms. Mariin Ratnik, Mr. Jurģis Miezainis, Mr. Egidijus Meilūnas, Mr. Andreas Motzfeldt Kravik, Mr. Ville Tavio, Mr. Niklas Wykman, and Mr. Aksel Vilhelmson Johannesen, shared their perspectives on Nordic-India relations during the event.