Finland Eyes Doubling Trade with India and More Skilled Workers
Finnish Ambassador Mikko Kivikoski eyes doubling bilateral trade to $6 billion and welcomes more skilled Indian professionals to Finland.
Finland is eyeing a massive expansion in its economic relationship with India, with plans to double the current bilateral trade volume. Finnish Ambassador to India, Mikko Kivikoski, expressed significant optimism regarding the "huge possibilities" ahead, noting that the existing trade level of approximately USD 3 billion is merely a starting point.
A Target Set by Top Leadership
The push for economic growth follows high-level diplomatic engagements between the two nations. During a recent State visit, Prime Minister Narendra Modi and Finnish President Alexander Stubb established a clear objective to double the trade between Finland and India. Ambassador Kivikoski believes this target is well within reach, suggesting that the current $3 billion figure is actually quite modest given the untapped potential.
"I see among the Finnish businesses… excitement. You can see new companies interested in Indian markets, and the same applies to Indian businesses. So I’m optimistic," the Ambassador stated, highlighting a growing mutual interest in market expansion.
The Role of the India-EU Free Trade Agreement
A major catalyst for this economic surge is expected to be the upcoming India-EU Free Trade Agreement (FTA). The Ambassador noted that the agreement is expected to be signed by the end of this year, with enforcement potentially beginning next year. This pact will provide the essential political and economic framework required to turn high-level diplomatic discussions into tangible business opportunities.
The Ambassador emphasized that his primary mission, alongside the Finnish Embassy, is to convert this newfound political momentum into concrete commercial activities. He pointed to a year of record-high bilateral activity, including:
- Prime Minister Modi’s engagements with Finland.
- President Alexander Stubb’s State visit to India.
- The Nordic-India Summit held in Oslo.
- High-level visits to Finland by External Affairs Minister S Jaishankar and Commerce Minister Piyush Goyal.
- The World Circular Economy Forum in Gandhinagar, Gujarat, which marked a milestone as the first time the forum was held in South Asia.
Welcoming Skilled Indian Professionals
Beyond commerce, Finland is looking to strengthen its human capital by welcoming more skilled Indian talent. The Ambassador highlighted the successful integration of the Indian community in Finland, noting that over 30,000 Indians are currently permanent residents there.
Most of these professionals are concentrated in critical sectors such as:
- Information and Communication Technology (ICT)
- Engineering
The Ambassador described the Indian community as "well-integrated" and "well-respected," serving as a testament to Finland being a fruitful destination for both living and doing business. To facilitate this, a mobility partnership has been agreed upon between the two countries, which will serve as a framework to discuss and encourage the movement of more skilled labour to Helsinki and beyond.