Financial Daily from THE HINDU group of publications
Friday, Nov 08, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 08, 2002 |
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Industry & Economy
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Foreign Trade India, Finland pact to boost investments Our Bureau
NEW DELHI, Nov. 7 FINLAND is looking forward to strengthening and broadening its commercial and economic ties with India, including investment, according to Mr Jari Vilen, Minister for Foreign Trade of Finland. He stated this at the `India-Finland Business Forum' meeting jointly organised by FICCI and FINPRO (Finnish Trade and International Promotion Body), here on Thursday. In this regard the two countries signed a bilateral investment promotion and investment protection agreement. The agreement seeks to promote and protect investment from either country in the territory of the other country. It provides for free repatriation and transfer of returns on investments. The agreement will remain in force for a period of 15 years. It is interesting to note that with a total bilateral trade of $271 million in 2001, Finland is the only country in the European Union that has a positive trade balance with India. Currently, there are almost 30 Finnish companies established and operating in India and an additional 70 companies represented by their appointed local agents, representatives and importers. The Finnish companies, however, still consider the Indian market to be challenging and feel that the opening of the market has been slow, he said. On the issue of strengthening Indo-Finnish trade ties, he said that Finland was willing to offer its expertise to India in areas of information and communication technology, healthcare, energy and environment protection. The Minister also pointed out that Finland could act as a practical gateway for Indian companies to the Baltic countries, Russia and European Union and become a hub for Scandinavian nations.
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