Finland keen to further develop trade
Finland is committed and is keen on developing trade & investment and commercial & industry cooperation with India, along with an EU-India Investment Protection Treaty, said Finnish Ambassador Ritva Koukku-Ronde.
An Investment Protection Treaty between EU and India would be an important element, stressed the Finnish Ambassador in a FINCHAM India release on 21 August 2020.
Supporting the commitment, Finnish business community in India is willing to collaboratively develop capacities with their expertise in sophisticated and innovative technologies, assured Amit Gossain, Chairperson, FINCHAM India and Managing Director KONE Elevator India.
The Finnish enterprises look forward to a predictable and stable regulatory environment which would not only protect existing investments but boost fresh investment and expansion plans, said Gossain in the release on FINCHAM interaction with Commerce and Industry Minister Piyush Goyal held on 14 Aug 2020.
Amb. Koukku-Ronde underlined an enormous potential for increased Finland-India collaboration, calling for a focus on technology and innovation, skills, education and science and towards ambitious and binding climate and environment targets.
“The importance of trust, predictability and stable business environment as key elements in facilitating sustainable trade & investment cooperation and enhancing economic growth,” said the envoy.
She also underlined the need for constant and constructive dialogue bilaterally, between EU and India and within multilateral platforms, especially at the WTO.
India is focused on developing capacities across key sectors, inter alia, using advanced and innovative technologies, and improving it’s positioning as a preferred destination for foreign investments in the region, the Finnish officials noted in the FINCHAM release.
Gossain emphasized on assembling in India for the world to boost exports and generate jobs, as the time necessary for the logistical processes of exporting and importing goods has been significantly reduced.
He stated, “Atmanirbhar Bharat is a significant step and can offer many opportunities for the Finnish enterprises to grow and expand investments in India.”
The current environment for international trade provides huge opportunities to India to make high-quality products thus creating unparalleled job opportunities in India as well as helping the global economies through these cost-effective world-class products, according to Gossain.
“We are optimistic that the Indian Government will bring about necessary policy changes and reforms to advance its vision for a ‘Self-reliant’ Indian economy and offer suitable platforms for stakeholder consultation with industry associations such as FINCHAM India.”
He further added, “India’s impressive progression in the Ease of Doing Business rankings over the past few years is a tremendous achievement, especially for an economy that is as large and complex as India’s.
“The latest reforms are in the doing business areas of starting a business, taxation, trading across borders and resolving insolvency. For India to become a major exporter of the world, we should specialise more in the areas of comparative advantage and achieve significant quantity expansion.”
KONE has been making in India since 1984, and inaugurated KONE’s new state-of-the-art elevator manufacturing unit in Tamil Nadu last November (2019). It is the largest in this region.
The Finnish presence in India has grown to 120 companies which set up manufacturing facilities, service centres, R&D centres, sales and marketing offices, from around 30 about two decades ago.
Some of the top Finnish enterprises in India include Nokia, KONE, Huhtamäki, Metso Outotec, Wärtsilä, Cargotec, Konecranes, Fortum and many more.
Over the years, several Indian software and consultancy companies such as TCS, Infosys, Wipro, Motherson Sumi Systems, Mahindra, have invested in active operations in Finland to the tune of more than US$1 billion.
India and Finland have always enjoyed warm and long-standing bilateral relations. While India is one of the top 5 trade partners for Finland in South and South-East Asia, Finland’s ranking has been consistently progressing amongst India’s EU trade partners. #FTA #exports #manufacturing #FINCHAM /fiinews.com
