In a game-changing revelation at the 2nd CII India Nordic-Baltic Business Conclave 2023, Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, announced a remarkable 39% surge in India’s exports to Nordic countries. This surge not only signifies a significant economic leap but also sets the stage for collaborative innovation and strengthened ties between the regions.
India – Nordic Export Dynamics:
Here’s a breakdown of the key statistics shared by Shri Piyush Goyal:
| Export Growth | Percentage Increase |
| Total Exports | Over 39% |
| Finland | Over 100% |
| Norway | Over 80% |
This robust growth reflects a strategic and burgeoning economic partnership, with exports to Finland and Norway witnessing exceptional triple-digit and double-digit growth, respectively.
Beyond Trade Numbers
The Minister emphasized the growing cultural proximity between India and the Nordic-Baltic nations. Indian elements, including cuisine, Bollywood, Yoga, Ayurveda, and textiles, have become immensely popular in the Nordic-Baltic region, fostering deeper connections beyond the realm of trade.
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Key Sectors
Shri Piyush Goyal identified specific sectors where collaboration holds immense promise:
- Pharmacy
- Food Processing
- Renewable Energy
- Information Technology
- Artificial Intelligence
- Supply Chain and Logistics
These areas align with the strengths of both India and the Nordic-Baltic nations, opening avenues for joint ventures and innovation-led partnerships.
A Gateway to Opportunities
To further catalyze collaboration, Shri Piyush Goyal extended an invitation to Nordic-Baltic companies to participate in two upcoming trade fairs:
- BharatTex (February 26-29):
- Over 3,500 exhibitors from nearly 40 countries.
- Bharat Mobility Show (February 1-3):
- Showcasing an Auto Fair with a key feature on electrical components.
These events are poised to be a melting pot for industry leaders, paving the way for cross-border partnerships and innovation exchanges.
During the event, key leaders from Nordic countries expressed their views on the evolving relations:
- Mr. Benedikt Hoskuldsson (Iceland)
- Ms. Mariin Ratnik (Estonia)
- Mr. Jurģis Miezainis (Latvia)
- Mr. Egidijus Meilūnas (Lithuania)
- Mr. Andreas Motzfeldt Kravik (Norway)
- Mr. Ville Tavio (Finland)
- Mr. Niklas Wykman (Sweden)
- Mr. Aksel Vilhelmson Johannesen (Faroe Islands)
Their perspectives emphasized the exciting era of collaboration, innovation, and shared prosperity between India and the Nordic-Baltic nations.
The 39% surge in India’s exports to Nordic nations not only marks a substantial economic achievement but also signals the onset of a new era characterized by collaboration, innovation, and mutual growth. As the trade winds strengthen, the shared commitment to addressing global challenges and embracing opportunities propels India and the Nordic-Baltic nations into a future defined by partnership and progress.
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