India–Finland Cooperation Set to Expand; Focus on Trade, Technology, and Investment
Mumbai: A meeting between delegations from India and Finland was held on Saturday in Mumbai, India’s financial capital, where officials discussed strengthening bilateral cooperation in trade, technology, and investment.
Speaking at the event, Anbalagan P, Secretary of the Industries, Energy, and Labour Department of Maharashtra, said the discussions mark the beginning of a promising future for both countries. He noted that India is rapidly moving toward becoming a $4 trillion economy, with an expected annual growth rate of around 6.5–7 percent.
He highlighted that the industrial sector contributes about 20 percent to India’s total Gross Value Added (GVA), while the services sector contributes nearly 53 percent. In Maharashtra, however, the services sector’s contribution has already reached around 63 percent. Despite the state’s strong manufacturing clusters, he said, the services sector remains a major strength.
Anbalagan added that the recent announcement of a Free Trade Agreement (FTA) and Finland’s active role in strengthening ties could open new avenues for trade and cooperation. Currently, India exports goods worth about $413 million to Finland, while imports from Finland are valued at around $800 million.
He emphasized that under a new vision, these figures should ideally double in the coming years. Although Maharashtra’s total exports are around $70 billion, trade with Finland remains relatively limited, indicating significant untapped potential.
During the meeting, both sides discussed expanding collaboration in several key sectors, including digitization, quantum technology, 5G and 6G networks, sustainable development, and the circular economy. Anbalagan revealed that discussions are underway with a major Finnish company regarding a virgin fiber project, which aims to produce new fiber from old clothes and textile waste. The project could be set up in eastern Maharashtra with an estimated investment of $1.5 billion.
At the event, Sachchidanand Shukla, Co-Chair of the FICCI Economist Forum, said that significant progress had been made in January toward a major agreement between India and Europe. After years of negotiations, he said, trade cooperation between the two sides is entering a new phase.
According to him, the agreement could connect a market of nearly 2 billion people, representing about 25 percent of global GDP and roughly $24 trillion in trade, creating a vast economic network.
Meanwhile, Matias Marttinen, Finland’s Minister of Employment, praised India’s economic progress over the past 15 years and said the Finnish government appreciates the country’s achievements.
He also noted that a mobility-related Memorandum of Understanding (MoU) was recently signed between the two countries, marking a new chapter in bilateral relations.
Marttinen emphasized that sectors such as skills, industry, employment, trade, and technology cannot be viewed separately. Strengthening cooperation across these areas, he said, will further deepen the partnership between India and Finland in the years ahead.
He added that India and Finland have long shared friendly relations, and the agreements signed during the visit are expected to further enhance cooperation in technology, trade, skill development, and industrial growth in the future.
