Mumbai, March 7: A meeting between Indian and Finnish delegations was held on Saturday in the economic capital of the country. Dr. Anbalagan P., Secretary of the Maharashtra Department of Industries, Energy, and Labour, stated that this discussion marks the beginning of a bright future for both nations. He noted that India is rapidly progressing towards becoming a $4 trillion economy, with an expected annual growth rate of around 6.5-7 percent.
He highlighted that the industrial sector contributes approximately 20 percent to the country’s Gross Value Added (GVA), while the service sector accounts for about 53 percent. In Maharashtra, the service sector’s contribution has reached around 63 percent. Despite having a robust manufacturing cluster, there is significant strength in the service sector as well.
Dr. Anbalagan further mentioned that the recent announcement of a Free Trade Agreement (FTA) and Finland’s active role will open new avenues for collaboration and trade between the two countries. Currently, India exports about $413 million to Finland, while imports hover around $800 million.
He emphasized the need to at least double these figures under the new vision. In Maharashtra, where total exports are approximately $70 billion, trade figures with Finland are still quite limited, but there are tremendous opportunities ahead.
The meeting also discussed enhancing cooperation in several key areas, including digitization, quantum technology, 5G and 6G networks, sustainable development, and the circular economy.
Dr. Anbalagan revealed that discussions are ongoing with a major Finnish company regarding a virgin fiber project. This initiative aims to create new fiber from old clothing or textile waste and could be established in eastern Maharashtra with an investment of around $1.5 billion.
Additionally, Sachchidanand Shukla, Co-Chair of the FICCI Economist Forum, noted significant progress towards a major agreement between India and Europe in January. He stated that after prolonged discussions, trade cooperation between India and Europe is entering a new phase.
This agreement is expected to create a vast economic network, connecting a market of about 2 billion people, accounting for nearly 25 percent of global GDP and involving around $24 trillion in trade.
Furthermore, Finland’s Minister of Employment, Matias Marttinen, remarked on India’s impressive economic progress over the past 15 years, commending the Finnish government for recognizing this achievement. He expressed hope for a stronger partnership between India and Finland in the future.
Marttinen also mentioned that a recent Memorandum of Understanding (MoU) related to mobility has been signed between the two countries, marking a new chapter in their relationship.
He emphasized that skills, industry, employment, trade, and technology cannot be viewed in isolation. Strengthening cooperation in all these areas will further solidify the ties between India and Finland in the years to come.
Marttinen concluded by stating that India and Finland have been good friends for a long time, and the significant agreements made during this visit are expected to deepen collaboration in technology, trade, skill development, and industry in the future.
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