How's the business opportunities for Finland in India?

PUNE, India - Feb. 16, 2024 - PRLog -- World businesses seem to collaborate and hold each other's hands for good. The actual distance between Finland and India has become less due to some important partnerships. India and Finland relations are bringing mutual benefits by working together.

In this blog, we're trying to understand how Finland sees great business chances in India. Let's take a look at how these two countries are already connected, what's the business scenario, and why is India a suitable place for Finnish companies to do business. It's like a puzzle where economic, cultural, and strategic pieces come together, making Finland and India a successful team in the global business scene.

The business expansion opportunities in India

Diplomatic Bonds and Trade

India and Finland share more than just cordial diplomatic relations. Their connection is rooted in shared values of democracy, the rule of law, and a commitment to fostering innovation. Over the years, both nations have recognized the potential for economic collaboration, leading to increased trade and investment activities. India and Finland now have over $1 billion in trade, which is advantageous to Finland. Finland was the 10th largest trading partner in the EU and the 60th largest trading partner overall for India in 2016 (Ministry of Commerce & Industry, Government of

India 2017). Comparably, according to Finnish Customs (2017), India ranked as Finland's fifth-largest trading partner in Asia and its 23rd-largest trade partner worldwide in 2016.

Market Potential
India's economic landscape is dynamic and presents a vast market with diverse consumer preferences. India is one of the top five choices to seek business opportunities. This translates to many business opportunities for Finnish companies across various sectors. Whether it's technology, renewable energy, healthcare, or education, India offers a thriving marketplace ready to embrace innovation.

India's principal exports include

Electronic goods, mineral fuels, oils, ready-made clothing, cotton, along with its accessories, pharmaceuticals, fine chemicals, iron and steel articles, machinery and instruments, coffee, rubber, organic chemicals, nuclear reactors, boilers, machinery, mechanical appliances, and their parts.

Major items that India imports from Finland include:

Waste paper, pulp from wood or other fibrous cellulosic material, automobiles, transport equipment, boilers, machinery, mechanical appliances, paper and paper board, iron and steel, etc.