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India’s Exports Soar: Nordic-Baltic Region Emerges as Key Market with 39% Growth in 5 Years

In a notable surge, India’s exports to the Nordic-Baltic region have witnessed a remarkable 39% increase from 2018-19 to 2022-23, according to Union Commerce Minister Shri Piyush Goyal. Addressing the CII India Nordic-Baltic Business Conclave 2023 in New Delhi, Goyal welcomed companies from the Nordic-Baltic region to invest in India, emphasizing the potential for setting up production units.

Exports to Finland and Norway have particularly experienced significant growth, exceeding 100% and 80%, respectively. Goyal encouraged the Nordic region to leverage India’s economies of scale, stating, “The Indian market can help you grow,” pointing out that India’s economy is currently $3.5 trillion and projected to reach $35 trillion in the next 30 years.

The minister highlighted various sectors ripe for collaboration, including pharmaceuticals, IT, Artificial Intelligence, Internet of Things (IoT), electric vehicles, and the marine industry. Recognizing the Nordic-Baltic nations for their strengths in innovation, green tech, AI, and blockchain-led transformations, Goyal stressed the substantial scope for collaboration with India.

Discussing India’s ongoing negotiations for Free Trade Agreements (FTA) with the EU and EFTA, Goyal expressed optimism about expanding trade beyond goods and services. He urged collaboration in tourism, technology, innovation, and greener energies, aligning with India’s growth story focusing on AI and blockchain.

Goyal extended invitations to Nordic-Baltic companies to participate in upcoming trade shows like Bharat Mobility and BharatTex, scheduled for February 1 and February 26, respectively, in the coming year. Highlighting the significance of collaboration, Aksel Vilhelmson Johannesen, Prime Minister of the Faroe Islands, identified potential areas for cooperation, particularly in fisheries, aquaculture, and technology.

Source: CII India Nordic-Baltic Business Conclave 2023

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