India and Finland agree to explore new areas of cooperation to widen trade basket

India and Finland agree to explore new areas of cooperation to widen trade basket During the bilateral meeting between Shri Kamal Nath, Union Minister of Commerce & Industry and Dr. Paavo Vayrynen, Finland Minister for Foreign Trade & Development, here today, both sides have agreed to encourage businesses to explore new areas and sectors to widen and deepen the trade basket. Both sides felt that mutual trade and investment between Finland and India is growing and there is lot of potential for developing these economic relations further. Both the Ministers noted that the possible areas for bilateral cooperation include energy, environment, forestry, IT, civil aviation, science & technology, tourism etc. The meeting was attended by Shri Ajay Shankar, Secretary, Department of Industrial Policy & Promotion; senior government officials and representatives from trade and industry from both the countries. Dr. Paavo informed Shri Kamal Nath that direct flight connections of Finnair which started in 2006 have stimulated tourism and a lot of new contacts between our countries and people. Interacting with the Finnish Minister, Shri Nath stated that India has a vibrant SME sector and engagement by SMEs on both sides would strengthen the foundations of trade relationship. Both the Ministers agreed on a need for fast results in the WTO Doha Round, especially in the current international economic situation. Shri Kamal Nath emphasised that India would remain committed to engage constructively to reach a fair and balanced outcome of the Doha Round of WTO negotiations. India-Finland bilateral trade has more than doubled from US $ 533 million in 2004-05 to US $ 1165 million during 2007.08. Major exports to Finland are – RMG cotton, manufactures of metals, drugs & pharmaceuticals, coffee, transport equipments while major imports from Finland are – electronic goods, computer software, iron & steel, paper board etc. The cumulative FDI inflows during 1991 to 2008 were US $ 74.4 million. Top sector attracting FDI inflows from Finland are – fuels (power & oil refinery), telecommunications, electrical equipments, paper & pulp and services sector

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