I invite Nordic-Baltic countries to come and invest in India: Shri Piyush Goyal
Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India while speaking at the 2nd CII India Nordic Baltic Business on November 22-23 invited companies from the Nordic-Baltic region to invest in India and set up production units.
“ We want you to produce in India. We want you to leverage the economies of scale that India offers. The Indian market can help you grow,” the Minister said.
He added that India is now US$ 3.5 trillion economy, which is likely to become a US$ 35 trillion economy in 30 years. He also highlighted the demographic dividend of the country.
The Minister identified opportunities in pharmaceuticals, IT, AI, Internet of Things, electric vehicles and marine sectors.
“India is focusing on opening borders for international engagements in hi-tech products and green technologies. The Nordic-Baltic regions have expertise in new technologies, which we would like to benefit from. India can also offer a large domestic market with economies of scale, which can further improve the Nordic-Baltic region's competitiveness in the global market,” the Minister mentioned.
Talking about the India-EU FTA negotiations, he said, “We are actively pursuing an FTA with both the EU and EFTA, which is eminently doable. This endeavour aims to expand trade not only in goods and services but also explore new opportunities in tourism, technology, innovation and greener energies, weaving India's growth story with a focus on AI and blockchain.”
Mr Aksel Vilhelmson Johannesen, Prime Minister, Faroe Islands said the foundation of cooperation between India and Faroe Islands is clear. “We can work together in fisheries, aquaculture and technology. We have expertise in deep-sea fishing and cutting-edge technologies. Synergies between India's marine resources and our technological prowess offer great potential for collaboration.”
Mr Niklas Wykman, Minister for Financial Markets, Kingdom of Sweden elaborated on the importance of India-EU FTA negotiations, “India-EU FTA will open more opportunities.” He added that climate action cooperation was important for both sides.
Mr Ville Tavio, Minister for Development Cooperation and Foreign Trade, Republic of Finland said there is immense potential between India and Nordic-Baltic countries. “There is an upward trend in economic and other activities between India and the Nordic-Baltic region.”
Mentioning India as an ascending global power, Mr. Andreas Motzfeldt Kravik, Deputy Foreign Minister, Kingdom of Norway said Norway is aligned with India in fundamental objectives of democracy and climate issues. “Nordic-Baltic countries can foster strong friendship with India.” He emphasized that 120 Norwegian companies are currently operating in India.
Mr. Egidijus Meilunas, Vice Minister of Foreign Affairs, Republic of Lithuania said, “Biotech, ICT and IoT are the sectors where Lithuania can make a difference.”
Mr. Jurgis Miezainis, Parliamentary Secretary at the Latvian Ministry of Economics, Republic of Latvia stated, “We are focused on digitalisation, modernisation and innovation. Latvia and India can cooperate and can become stable partners and co-benefit.”
Ms. Mariin Ratnik, Deputy Minister for Economic and Development Affairs, Republic of Estonia lauded India’s technology and services sectors, skilled workforce and well-developed ICT infrastructure. “We hope the EU-India FTA happens very soon.”
Mr Benedict Hoskuldsson, Special Envoy for Climate, Ministry of Foreign Affairs, Iceland said, “We want to extend our relationship with India from both government and private sector sides. For solving finance in climate challenges it is important for the private sector to participate. Iceland stands ready to support India in partnership.”
Mr Freddy Svane, Danish Ambassador to India said, “India is the future and we have to work with India. With the 2nd Nordic-Baltic Business Conclave, we have formed an axis of stability and economic progress. There are 5S’s which I think are important for all of us in our trajectory towards a better world -- scale, skills, scope, speed and sustainability.”
Mr R Dinesh, President, CII and Chairman, TVS Supply Chain Solutions Ltd placed special emphasis on logistics & shipping sectors. He suggested bringing together MSMEs of both regions to develop relevant technology solutions. “We should highlight success stories of companies in Nordic-Baltic region and Nordic-Baltic companies in India,” he added.
Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), emphasised that all Nordic-Baltic countries had high-level participation at the Conclave which also had over 120 delegates from these countries. Trade in areas such as solar modules and parts, electric vehicles and green products were also discussed.
November 22, 2023
New Delhi