India and Finland have agreed to double bilateral trade to $2 billion over the next three years. To achieve this target the two countries signed as many as 19 agreements for cooperation across various areas including education, biotechnology, nuclear and radiation safety and renewable energy. These agreements were signed in the presence of President Pranab Mukherjee and his Finnish counterpart President Sauli Niinistö

"We are aware of the Make in India programme and I think it’s possible that Finnish businesses takes part and produces in India. Specifically we consider green technology as an opportunity for the future. One of the problems that India is trying to address is improvement of water treatment and waste water treatment which I think can be areas of cooperation," said Sauli Niinistö after the meet with the Indian President in Helsinki. President Mukherjee is on a two day State visit to Finland.

Among the agreements signed between the two countries is also a joint venture partnership agreement between Chempolis Oy and Numaligarh Refinery Ltd. to build first BioRefinary in India.

An MoU has been signed between the Department of Biotechnology and Tekes, Finnish Funding Agency for Innovation for Cooperation in the field of Biotechnology. The MoU shall help collaborate in the areas of diagnostics in health and well being through joint funding of projects and workshops.

But in comparison to India, Finland has greater trade with China with as many as 300 Finnish companies in that country. Earlier in response to a question from Business Line Niinistö had said "There’s no obstacle in opening further trade with India too. In China now we have over 300 Finnish companies compared to 120 in India. But we all know the Nokia case and the Vodafone case. Maybe that’s caused some thinking among investors who maybe careful not knowing what exactly has taken place."

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