Huge scope of cooperation in Pharmacy, Food Processing, Renewable Energy, IT, AI, Supply Chain and Logistics with Nordic-Baltic countries: Shri Goyal

Shri Goyal invited Nordic-Baltic countries to participate in Bharat Tax and Bharat Mobility fairs

India’s exports to Nordic regions has increased significantly in recent years, said Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles while addressing 2nd CII India Nordic-Baltic Business Conclave 2023, here today.

The Union Minister pointed out that India’s exports to Nordic region has grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Highlighting the fact the region has come close to India in recent years, the Minister pointed out that Indian Cuisine, Bollywood, Yoga, Ayurveda and Textiles are extremely popuylar in Nordic-Baltic region.

In his address, Shri Goyal said that Nordic-Baltic nations have best of innovation, green tech, AI & blockchain-led transformation, supply chain logistics & fintech and these are the areas where there is a huge scope for collaboration with India as India has made great strides in these areas besides being an economic powerhouse with vast mineral resources and talent pool. Speaking in presence of leaders of the Nordic countries, Shri Goyal said that it’s an exciting era of collaboration, innovation & shared prosperity with similar outlook towards global challenges & opportunities.

Shri Goyal also invited Nordic-Baltic companies to showcase, attend, collaborate in the upcoming trade fairs in India. He informed the gathering that BharatTex, which will start from February 26 till 29, will have over 3,500 exhibitors from nearly 40 countries. Bharat Mobility Show will begin from February 1 till 3 and will showcase Auto Fair and will also have electrical component as a key feature.

Mr Benedikt Hoskuldsson, Special Envoy for Climate, Ministry of Foreign Affairs Iceland, Ms. Mariin Ratnik, Deputy Minister for Economic and Development Affairs Republic of Estonia, Mr Jurģis Miezainis, Parliamentary Secretary at the Latvian Ministry of Economics, Republic of Latvia, Mr. Egidijus Meilūnas, Vice Minister of Foreign Affairs, Republic of Lithuania, Mr. Andreas Motzfeldt Kravik, Deputy Foreign Minister, Kingdom of Norway, Mr Ville Tavio, Minister for Development Cooperation and Foreign Trade, Republic of Finland, Mr Niklas Wykman, Minister for Financial Markets, Kingdom of Sweden and Mr Aksel Vilhelmson Johannesen, Prime Minister, Faroe Islands also expressed their views on the relations of Nordic countries with India on the occasion.

Export growth spurs expanded India-Nordic trade cooperation and invitations to sectoral trade fairs and partnerships. Trade and economic cooperation between India and the Nordic-Baltic region foregrounds significant export growth and targeted sectoral collaboration in textiles, food products, wellness, renewable energy, pharmaceuticals, IT/AI, fintech, and logistics; the Minister invites Nordic-Baltic firms to participate in Indian trade fairs as a mechanism to facilitate market access, technology partnerships, supply chain linkages, and commercial engagement.