Finland’s Development Cooperation Minister Emphasizes Strong Supply Networks and Trade Opportunities During India Visit

The Minister for Development Cooperation and Foreign Trade of Finland, Ville Tavio, expressed admiration for India’s robust growth trajectory and extended a warm invitation for Finnish companies to invest in the country during his recent visit to New Delhi.

Addressing concerns about global supply chain disruptions and the prevailing signs of protectionism, Minister Tavio underscored the importance of collaborative efforts in building resilient supply networks. He emphasized that the current trend towards protectionism, driven by the desire to safeguard individual businesses and supply chains, may not be realistic in an interconnected global trade landscape. The minister advocated for the creation of strong supply networks, fostering collaboration between regions such as Europe and India.

“In the face of ongoing global trade dynamics, signs of protectionism are evident. Whether in Europe or India, it is better to create a robust supply network together,” stated Minister Tavio during a press interaction.

Highlighting India’s significant growth opportunities, the minister encouraged Finnish companies to explore investment possibilities in the country. He also acknowledged the positive trade relations between the two nations, pointing out that many reputable Indian companies are already operating successfully in Finland and Europe.

Minister Tavio, leading a Finnish business delegation, engaged in meetings with Indian ministers and business representatives, including a bilateral discussion with India’s Minister of Commerce and Industry, Piyush Goyal. In this context, Minister Tavio shed light on the ongoing Free Trade Agreement negotiations between the European Union and India, expressing his support for the continued progress of the discussions.

“As a representative of Finland, I urge both the EU and India to persevere in the Free Trade Agreement negotiations. This would be mutually beneficial for our trade relations, especially during these challenging times of global crises and economic difficulties,” emphasized Minister Tavio.

Reflecting on the potential for enhanced trade ties between Finland and India, the minister expressed optimism, citing the existing positive trade relationship and the untapped opportunities for growth. The Finnish business delegation accompanying Minister Tavio comprises companies spanning various sectors, including energy, construction, circular economy, ICT, and quantum.

“India’s expansive and rapidly growing market presents significant opportunities for Finnish companies. Our leading-edge expertise aligns well with India’s development needs, particularly in areas such as digitalization and sustainability,” remarked Minister Tavio before commencing his visit to India.

The visit also included a co-chaired meeting between the Ministry of External Affairs Secretary (West), Sanjay Verma, and the Finnish delegation during the India-Finland 12th Foreign Office Consultations. The discussions covered a wide range of bilateral relations, encompassing political engagements, trade and investments, education, digital partnerships, sustainability, mobility, cultural relations, and people-to-people contacts.

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