Alexander Stubb, the Minister for European Affairs and Foreign trade, will travel to India along with a business delegation in October this year.
“We have planned the focus being on the following sectors: Energy, Environment, Cleantech (Clean Industrial Products), Life Sciences (Diagnostics and Medical Equipment) and ICT but we shall see what will be the final composition of the delegation,” Stubb told PTI.
Underlining that India has multitude of business opportunities to offer to Finland, Stubb said the delegation will visit New Delhi and Mumbai.
“Trade has grown vigorously in the 21st century but remains modest in the light of the potential volumes. About 120 Finnish companies have established operations in India and about 100 trade with Indian businesses through local arrangements,” he said, adding that about 24 Indian companies have established operations in Finland.
“We hope to have many more (Indian companies),” he said.
Talking about the much discussed India-EU Free Trade Agreement, Stubb said, “We are very much in favour of concluding an FTA with India as soon as possible. However, in order to satisfy the expectations of our companies that are active in the Indian market, the level of ambition of the agreement needs to be sufficiently high.”
“The agreement would bring substantial benefits to both parties, in terms of a stable investment environment, lower tariffs for goods and better market access for key services sectors. Having an agreement in place would also be helpful in the elimination of trade barriers,” he added.