India and Finland resolved to boost cooperation in a range of areas, including trade and investment, energy and information technology, during talks between External Affairs Minister Sushma Swaraj and her Finnish counterpart Timo Soini.
The two ministers reviewed the entire gamut of bilateral relations. They agreed to ramp up cooperation in trade, holding that there is huge scope for its expansion.
External Affairs Ministry spokesperson Raveesh Kumar said Swaraj and Soini agreed to deepen cooperation in mutually beneficial spheres like trade and investment, IT, new and renewable energy, science and technology, culture and people- to-people contact.
“The two countries enjoy traditionally warm and friendly relations since diplomatic relations were established in 1949,” he tweeted.
Trade ties between the two countries are on an upswing. India’s annual trade with Finland has crossed USD 1 billion.
In 2016, Finland was India’s 60th largest trading partner globally, and the 10th largest within the EU. Similarly, in 2016, India was Finland’s 23rd largest trading partner globally, and the fifth largest within Asia.
According to official figures, Finnish companies invested USD 419 million between April 2000 and July 2017.
About 100 Finnish companies now have operations in India, including through investments.
Large manufacturers like Kone, Huhtamaki, Salcomp, Ahlstrom have set up manufacturing facilities in different parts of India.
About 30 Indian companies, mainly in the software and consultancy sectors, are active in Finland. These include TCS, WIPRO, Infosys, L&T InfoTech, Tech-Mahindra and HCL Technologies.