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Finland: An Opportunity Of New Era for Indian MSMEs

Here is 2023's first edition of SMEStreet Global Gateways Report featuring Finland.

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Finland is a small country but it has a thriving economy and is home to several globally recognized companies such as Nokia, Kone, and Rovio (creator of Angry Birds). There are several opportunities for Indian businesses in Finland, particularly in the areas of information technology, renewable energy, education, healthcare, and cleantech.

As a rule, the Finnish state leadership’s visits to India have been accompanied by large delegations that have made significant contributions to our cooperation in the fields of trade, the economy, science and innovation. The most recent Indian visit to Finland was made by Minister of External Affairs Subrahmanyam Jaishankar in the autumn of 2019, followed by Minister for Foreign Affairs Pekka Haavisto’s and Minister ofLabour Timo Harakka’s visits to India in late 2019. The Finance Committee of Finland’s Parliament also made a visit to India in early 2020.

Particularly promising fields of cooperation have been identified between Finland and India, and these will be used to accelerate collaboration between companies, authorities and experts in a variety of sectors. Some of the most recent cooperation initiatives have been made in the fields of vocational training, cyber security, space, the environment, tourism and digitalisation. An increasing number of Indian tourists are finding their way to Finland, and Indian specialists make up a significant portion of the international experts working in Finland, especially in the fields of information and communications technology.

Coming back to the potential prospects for Indian businesses in Finland, in the information technology sector, Indian companies can collaborate with Finnish companies to develop software solutions and services. Finland has a well-developed IT infrastructure and a highly skilled workforce, making it an attractive market for Indian IT companies. There is also potential for collaboration in emerging areas such as artificial intelligence, robotics, and cybersecurity.

Finland is a leader in renewable energy and has set ambitious targets for reducing carbon emissions. Indian businesses can collaborate with Finnish counterparts to develop innovative solutions in the areas of wind power, solar energy, and energy storage. Finnish expertise in energy efficiency and smart grids can also benefit Indian companies.

Finland has a world-renowned education system, and Indian businesses can benefit from collaborations with Finnish universities and educational institutions. Finnish universities offer a range of programs in areas such as engineering, business, and design, which can be attractive to Indian students. There is also potential for research collaborations and student exchange programs.

The healthcare sector is another area of potential collaboration between India and Finland. Finnish expertise in medical technology, telemedicine, and healthcare innovation can benefit Indian healthcare companies. Finnish companies can also benefit from collaborations with Indian counterparts in areas such as pharmaceuticals and clinical trials.

Finally, Finland is a leader in clean technology and has a thriving cleantech industry. Indian businesses can collaborate with Finnish companies to develop solutions in areas such as waste management, sustainable transportation, and energy efficiency. Finnish expertise in sustainable building design can also be useful for Indian companies looking to develop eco-friendly buildings and infrastructure.

Overall, Finland presents several opportunities for Indian businesses, and collaboration in these areas can be beneficial for both countries.

India-Finland Trade Opportunities

India and Finland have strong economic ties, and there are several trade opportunities between the two countries. Here are top five areas of potential synergy between India and Finnish companies.

  1. Information Technology: Finland is known for its expertise in information technology and has a thriving tech industry. India, on the other hand, is a leader in the IT sector and has a large pool of skilled IT professionals. There is potential for collaboration in areas such as software development, cybersecurity, and digitalization.
  2. Renewable Energy: Finland has made significant progress in developing renewable energy sources such as wind power, bioenergy, and solar power. India, being a rapidly developing country with a high demand for energy, presents a significant market for Finnish renewable energy companies. Finnish companies can collaborate with Indian counterparts in areas such as energy storage and transmission.
  3. Education: Finland is known for its high-quality education system, and there is potential for collaboration in the field of education between the two countries. Indian students can benefit from the Finnish education system, while Finnish universities can collaborate with Indian institutions in areas such as research and student exchange programs.
  4. Healthcare: Finland has a well-developed healthcare system, and there is potential for collaboration in areas such as medical technology, telemedicine, and healthcare innovation. Indian healthcare companies can benefit from Finnish expertise and collaborate with Finnish counterparts to develop new healthcare solutions.
  5. Cleantech: Finland is a leader in clean technology and has a thriving cleantech industry. India has set ambitious targets for reducing carbon emissions and transitioning to a low-carbon economy, making it an attractive market for Finnish cleantech companies. There is potential for collaboration in areas such as energy efficiency, waste management, and sustainable transportation.

Overall, there are several trade opportunities between India and Finland, and both countries can benefit from collaboration in various fields.

Opportunities for Indian MSMEs in Finland

Micro, Small and Medium Enterprises (MSMEs) form the backbone of the Indian economy, and they can explore several trade opportunities in Finland. Here are some potential areas for collaboration:

  1. IT and Digitalization: Finland has a well-developed IT infrastructure and is home to several successful startups in the tech sector. Indian MSMEs can collaborate with Finnish counterparts to develop software solutions and services, particularly in areas such as artificial intelligence, cybersecurity, and digitalization.
  2. Renewable Energy: Finland is a leader in renewable energy and has set ambitious targets for reducing carbon emissions. Indian MSMEs can collaborate with Finnish counterparts in areas such as wind power, solar energy, and energy storage. Finnish expertise in energy efficiency and smart grids can also benefit Indian MSMEs.
  3. Design and Innovation: Finnish design is known for its simplicity, functionality, and sustainability. Indian MSMEs can collaborate with Finnish designers and innovators to develop products and services that cater to the Finnish market. There is potential for collaborations in areas such as furniture, textiles, and sustainable packaging.
  4. Food and Beverages: Finland has a strong food culture, and there is potential for collaborations between Indian MSMEs and Finnish counterparts in the food and beverage sector. Indian MSMEs can explore opportunities in areas such as spices, tea, and snacks, while Finnish companies can benefit from collaborations in areas such as organic foods and sustainable packaging.
  5. Healthcare and Wellness: Finland has a well-developed healthcare system, and there is potential for collaborations between Indian MSMEs and Finnish counterparts in areas such as medical technology, telemedicine, and wellness products. Finnish expertise in sauna culture and natural remedies can also be useful for Indian MSMEs exploring opportunities in the wellness sector.

Overall, there are several trade opportunities for Indian MSMEs in Finland, and collaboration in these areas can be beneficial for both countries. Finnish companies can benefit from access to the Indian market, while Indian MSMEs can benefit from Finnish expertise and technology.

About SMEStreet Global Gateways Report

SMEStreet Global Gateways Report is an initiative of SMEStreet Foundation aimed to highlight and emphasize global business opportunities for Indian businesses. Each report focuses on a specific country and it’s respective trade potential with India.
This report is also a series of content-driven activities in which we at SMEStreet try to explain multiple aspects of global business opportunities with the respective featured country. The other content-driven activities as part of SMEStreet Global Gateways Report includes panel discussions, interviews, profiles and podcasts.
For more please feel free to connect on faiz@smestreet.in

 

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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