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New Delhi: The Nordic-Baltic region is turning out to be new potential market for Indian products as exports to the region has grown over 39% from 2018-19 to 2022-23, union commerce minister Piyush Goyal said while inviting companies from the Nordic-Baltic region to invest in the country and set up production units.

Exports to Finland and Norway have grown by over 100% and 80% respectively, Goyal said, while addressing the CII India Nordic-Baltic Business Conclave 2023 in New Delhi on Wednesday.

“We want you (Nordic region) to produce in India by leveraging the economies of scale that India offers. The Indian market can help you grow," the minister said, adding that India is now $3.5 trillion economy, which is likely to become a $35 trillion economy in next 30 years.

The minister identified opportunities in pharmaceuticals, IT, Artificial Intelligence, Internet of Things (IoT), electric vehicles and marine sectors.

“Nordic-Baltic nations have the best innovation, green tech, AI and blockchain-led transformation, supply chain logistics and fintech, and these are the areas where there is a huge scope for collaboration with India," he said.

Talking about the India-EU FTA negotiations, he said, “We are actively pursuing an FTA with both the EU and EFTA, which is eminently doable. This endeavour aims to expand trade not only in goods and services, but also explore new opportunities in tourism, technology, innovation and greener energies, weaving India's growth story with a focus on AI and blockchain."

Goyal also invited Nordic-Baltic companies to participate in the upcoming trade shows such Bharat Mobility and BharatTex event, which are scheduled to start from 1 February and 26 February respectively next year.

BharatTex will have over 3,500 exhibitors from nearly 40 countries, while the electrical component will be the key feature at Bharat Mobility show, he said.

On the occasion, Aksel Vilhelmson Johannesen, Prime Minister, Faroe Islands said, “We can work together in fisheries, aquaculture and technology. We have expertise in deep-sea fishing and cutting-edge technologies. Synergies between India's marine resources and our technological prowess offer great potential for collaboration."