Modi holds virtual summit with Finnish PM Marin

Prime Minister Narendra Modi and his Finnish counterpart Sanna Marin held a virtual summit on March 16 and discussed various bilateral issues as well as other regional and multilateral issues of mutual interest.

The two leaders expressed their desire to further expand and diversify the relationship across sectors such as trade and investment, innovation, education, emerging technologies including Artificial Intelligence, 6G technology and quantum computing.

Highlights of the summit

• The two PMs noted that the digital domain was one of the most promising sectors for an intensive India−Finland partnership. The emphasis would be in three key future domains:

i) Future Information and Communications Technology (ICT), focusing on quantum technologies and computing.

ii) Future mobile technologies, focusing on 6G research & development.

iii) Future education, focusing on digital transformation of teaching and learning.

• Essential and cross-cutting elements of all these key domains are the utilisation of artificial intelligence, cyber security and blockchain technologies. In this partnership, the companies and universities of both countries can leverage their strengths for mutual benefit.

• The two sides announced a high-level dialogue in education between the education ministries of both the countries.

• The two leaders announced a Sustainability Partnership involving renewable and clean energy, circular economy, sustainable mobility and noted that green growth is an essential element of bilateral cooperation.

• They endorsed the Joint Commission and the India-Finland Science & Technology Committee to steer and coordinate developments in their respective domains.

• They urged systematic implementation of the existing MoUs and agreements made between concerned ministries, agencies and institutes.

• Both leaders agreed that the MoU between Geological Survey of India and Geological Survey of Finland signed in December 2020 on cooperation in the field of geology and mineral resources was a step towards diversification of our relationship.

• The two leaders welcomed the strengthening of the cooperation in the field of energy between the two countries. They encouraged the concerned companies, ministries and agencies to explore commercial activities, and R&D cooperation in the field of gas-based economy, biofuels, renewable energy, waste-to-energy, electricity storage and emerging fuels such as hydrogen.

• Both sides stressed the need for promoting an inclusive and fair circular economy for combating climate change, protecting biodiversity and achieving sustainable use of our natural resources. Both sides referred to the huge potential for cooperation on these issues.

• India and Finland committed to pursuing stronger integration of water and climate policies to enhance the implementation of Sustainable Development Goals (SDGs) 6 on clean water and sanitation and 13 on climate action. This includes efforts to develop Global Water and Climate Observation Systems to inform climate resilient long-term water policy planning and implementation, and efforts to promote technology and R&D cooperation to solve water-related challenges.

• The leaders said both sides have much potential for enhanced cooperation on polar issues, taking into account India’s observer status in the Arctic Council and the fact that both are consultative members of the Antarctic Treaty and have active stations in Antarctica. 

• They agreed that this first virtual summit between India and Finland shall act as an accelerator in the bilateral relations. The PMs said they look forward to their next meetings in Porto, Portugal, on May 8, 2021, in the EU−India Leaders’ Meeting.

India-Finland bilateral relations

• Finland and India have traditionally enjoyed warm and friendly relations. In recent years, bilateral relations have acquired diversity with collaboration in research, innovation and investments by both sides. 

• 2019 marked 70 years of diplomatic relations between the two countries. 

• Within the EU, Finland ranks 12th among countries investing in India. More than 100 Finnish companies have operations in India, including through investments. Nokia, Kone, Wartsila, UPM, Fortum, Metso,Huhtamaki, Salcomp, Ahlstrom, etc have set up their manufacturing facilities in India. Finnish IT companies Tieto and F-Secure have established operations in India.

• India’s investments in Finland have crossed $1 billion, including acquisitions. About 35 Indian companies, mainly in the software and consultancy sector are active in Finland. 

• Finland is a leader in 5G/6G technology and Nokia is a world leader in providing the associated infrastructure. Top Indian IT companies are looking to collaborate in this sector.

• India’s trade in goods with Finland crossed $1 billion and is in Finland’s favour. Trade in services is growing and crossed $1.5 billion with many Indian IT companies positioned in Finland.

Finland’s top imported goods from India are:

• Articles of apparel and clothing accessories

• Medicinal, pharmaceutical products

• Textile yarn, fabrics, made up articles

• Machinery for special industries

• Electric machinery and parts.

India’s top imported goods from Finland are:

• Electric machinery and parts

• Paperboard and articles thereof

• Machinery for special industries

• Power generating machinery and equipment

• General industrial machinery.

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