New Delhi, April 24, 2018: With a view to provide a fillip to India Finland business relations and boost trade and investment between the two countries, Finland Chamber of Commerce in India (FINCHAM) has been established in New Delhi.
The Chamber has been incorporated as an organisation for the business community of Finland in India and will lay out the eligibility criteria for affiliates (both corporate and non-corporate) to become members of the Chamber.
“Finland has some world class innovations that are not yet that well known in India. We want to increase their visibility in India and, at the same time, provide Indian companies with opportunities to invest in Finland”, said Amit Gossain, Managing Director for KONE in India and member of the Finland Chamber of Commerce board of directors. In addition to Gossain, the chamber’s board is formed by the directors of Fortum, Wärtsilä and Nokia in India.
“The Finland Chamber of Commerce in India will promote bilateral commercial and industrial ties, trade, investment, economic, social and cultural relations between India and Finland by serving as a voice for the industry, connecting governments to businesses and facilitating activities and solutions that aid and augment the spirit of entrepreneurship and encourage and promote well-balanced economic growth”, said Board members of the Finland Chamber of Commerce in India.
Finland was one of the earliest countries with whom independent India established diplomatic relations in as early as 1949 and the relations have been warm and friendly ever since.
Trade relations between the two countries have been on a steady upward curve. India’s annual trade with Finland has crossed USD 1 billion. In 2016, Finland was India’s 60th largest trading partner globally, and the 10th largest within the EU. Similarly, in 2016, India was Finland’s 23rd largest trading partner globally, and the fifth largest within Asia.
Currently, about 100 Finnish companies have operations in India, including through investments. Finnish companies are also aiding in Make in India drive. Large companies like KONE, Fortum, Wärtsilä, Nokia, Valmet, Cargotec, Metso, Huhtamaki, Salcomp, Ahlstrom, have set-up facilities in different parts of India.
About 30 Indian companies, mainly in the software and consultancy sectors, are active in Finland. These include TCS, WIPRO, Infosys, L&T InfoTech, Tech-Mahindra and HCL Technologies.
FINCHAM’s principal objectives will be to promote activities that would encourage and stimulate investment by Finnish companies in India, support ongoing business operations of its members and encourage bilateral trade between Finland and India.
Amongst various services that FINCHAM aims to provide include an organized platform where Finnish companies in India can discuss and identify common issues and concerns regarding their economic and trade interests. The Chamber will create sectoral committees where members could represent and express their views and opinions on areas such as trade, commerce, finance, services, industry, agriculture and related issues. The Chamber will also act as an advocacy forum for promoting interests of members on the policy front.
As per FDI statistics (DIPP, India) Finnish companies had invested US$ 419 million between April, 2000 to July, 2017. Within the EU, Finland ranks 12th among countries investing in India,
as per data from Ministry of Commerce & Industry, Government of India 2017.
Approximately 100 Finnish companies now have operations in India. Big Finnish IT companies Tieto and F-Secure have also established operations in India.Nokia has offices in Gurgaon, Bangalore, Mumbai and Chennai, as well as a Global R&D center in Bengaluru with 3000 people.