In a notable development, India’s exports to the Nordic-Baltic region have witnessed a substantial growth of 39% from 2018-19 to 2022-23, according to Union Commerce Minister Piyush Goyal. Speaking at the CII India Nordic-Baltic Business Conclave 2023 in New Delhi, Goyal invited companies from the region to invest in India, highlighting opportunities in pharmaceuticals, IT, Artificial Intelligence, IoT, electric vehicles, and marine sectors.
Exports to Finland and Norway have notably grown by over 100% and 80%, respectively. Goyal emphasized India’s potential as a $3.5 trillion economy, projected to reach $35 trillion in the next 30 years. He urged Nordic-Baltic nations to leverage India’s economies of scale and explore collaborations in innovation, green tech, AI, blockchain, and other strategic areas.
The minister also provided insights into the ongoing India-EU Free Trade Agreement (FTA) negotiations, expressing active pursuit of FTAs with both the EU and EFTA. Goyal concluded by inviting Nordic-Baltic companies to participate in upcoming trade shows, further fostering international collaborations.
