What Does India-Finland Joint Commission Concludes On Business Grounds
On 21ST November 2019, the 19th session of India-Finland Joint Commission was held in New Delhi to promote business ties and strengthen the bilateral cooperation between both the nations
At the 19th session of India-Finland Joint commission, delegates and bureaucrats from both the nations conducted the meeting aiming the agenda related to WTO issues; India-EU Broad- based bilateral trade and investment agreement and investments. Both nations targeted various aspects of business relations between them and discussed the growth in the various sectors.
Bureaucrats and delegates from India and Finland reiterated the preferred role of the joint commission as a forum for strengthening economic relations on both sides. The deliberations of the joint commission reaffirmed the partnership between both the countries. Both sides also reaffirmed their agreement to continue their cooperation, in order to further expand the common platform that will reinforce the existing partnerships and create space for future business opportunities.
At the session, India and Finland shared their figures and growth of the specific sectors they are dealing with. They discussed the measures to promote trade and cooperation in the sectors which are already a part of the agreement between both sides. Sectors like Petroleum and Gas, Power, New and Renewable Energy, Environment, Cleantech, Education and Skill Development, Digitalization including ICT, Transportation, cooperation in the Textiles sector, Cultural cooperation and Tourism cooperation, Science and Technology Innovations.
India-Finland Trade Ties
Bilateral trade and business between India and Finland was calculated to be around $1.247 billion in 2014-15 and $1.284 billion in 2016-17. In 2016 Finnish companies have invested $419 million from April 2000 to July 2017. Approximately 100 Finnish companies have been operating in India and about 30 Indian companies mainly in the software and consultancy sectors are active in Finland. India and Finland regards each other as strategic business partner for comprehensive and balanced trade relations.