Indian Exports To Nordic-Baltic Region Surges 39% In 5 Years: Union Min Goyal

New Delhi, Nov 23 (KNN) India’s exports to the Nordic-Baltic region has grown over 39% from 2018-19 to 2022-23 and it is developing into a new potential market for Indian products, said Union Commerce Minister Piyush Goyal on Wednesday.

Inviting companies from the Nordic-Baltic region to invest in the country and set up production units, he said exports to Finland and Norway have grown by over 100% and 80% respectively.

Addressing the CII India Nordic-Baltic Business Conclave 2023 in New Delhi, he said, “We want you (Nordic region) to produce in India by leveraging the economies of scale that India offers. The Indian market can help you grow.”

He further added that India is now USD 3.5 trillion economy, which is likely to become a USD 35 trillion economy in next 30 years.

The minister identified opportunities in pharmaceuticals, IT, Artificial Intelligence, Internet of Things (IoT), electric vehicles and marine sectors.

“Nordic-Baltic nations have the best innovation, green tech, AI and blockchain-led transformation, supply chain logistics and fintech, and these are the areas where there is a huge scope for collaboration with India,” he said.

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."

He also invited Nordic-Baltic companies to participate in the upcoming trade shows such Bharat Mobility and BharatTex event, which are scheduled to start from 1 February and 26 February respectively next year.

BharatTex will have over 3,500 exhibitors from nearly 40 countries, while the electrical component will be the key feature at Bharat Mobility show, he said.

(KNN Bureau)