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Finland, India to sign investment protection agreement
Friday, 08 November 2002, 20:30 IST
NEW DELHI: Leading Finnish companies are eying business opportunities in India, as both the countries are slated to sign an investment protection agreement during the visit of Finnish Foreign Trade Minister Jari Vilen.
Representatives from 19 leading companies including Nokia, Wartsila, health-care major Datex and Metso Mineral are accompanying Vilen, who is here to attend the 13th meeting of the Finnish-Indian Joint Commission on November 10.
"Our mutual interests in economic cooperation, trade, technology and cultural exchanges will be dealt with in detail during the meeting," Vilen said addressing the Indian business community at a meeting here Thursday, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Vilen said there is considerable keenness among Finnish companies to have a presence in India.
"Our delegation consists of all the major sectors of economic activity, with top companies from industrial giants to small and medium enterprises."
Currently, about 30 Finnish companies operate out of India, either in the form of industrial joint ventures or through their local offices.
In addition, around 70 Finnish companies are either represented or are actively exporting to India through their local agents.
In 2001, the bilateral trade was $271 million with Finnish exports accounting for $194 million and Indian exports $77 million.
Finland exports mainly heavy machinery, communication equipment, wood products and paper.
Indian exports to Finland include machinery, equipment, chemicals, textiles and jewellery. Indian software has also found a good market in Finland.
To boost bilateral trade and investment, both the countries would sign an agreement on protection and promotion of investment at the end of the joint commission meeting.
"Interesting new business for Finnish products and services exist in the Indian market, for instance in wireless mobile communications, energy and power, environmental technology, biotechnology and health care," Vilen said.
During a meeting Thursday, Minister of State for Commerce Rajiv Pratap Rudy indicated to Vilen that India was willing to have joint ventures in drugs and pharmaceuticals, IT, food processing, marine products, marble and tiles and cut and polished diamonds.
The Finnish minister indicated that Finland's location on the north of the Euro zone "can serve as a practical gateway to our neighboring areas the Baltic countries and Russia."
Source: IANS
Source: IANS