India-Finland sign Agreement on Economic Cooperation
India and Finland have signed an Agreement on Economic Cooperation at Helsinki on 26th March, 2010. The Agreement was signed By Mr Anand Sharma, Union Minister for Commerce and Industry from the Indian side and by Dr Paavo Vayrnen, the Minister for Foreign Trade and Development from the Finnish side. Speaking on the occasion, Shri Sharma said that the new Agreement will raise the level of Economic and Trade Cooperation between the two countries to a new and higher level. The Agreement seeks to replace an earlier Agreement which was signed way back in 1967 under the GATT regime. He said that the world has moved far ahead now and both the countries offer vast areas of opportunity which can be suitably tapped keeping in view the complimentarity of our sectors. The highly organized high-end technology sectors of Finland can develop synergy with the highly skilled and educated work force of India.
The Agreement seeks to deepen the engagement between the two countries through exchanges of investors, information and experts and also by developing opportunities for the two countries by exploring joint economic possibilities in third countries. A Joint Commission consisting of experts will be set up under this Agreement to identify new business possibilities and also to identify and remove hurdles which could hamper mutual economic cooperation between the two countries. The two sides also decided to set up three Joint Working Groups in the areas of Innovation, Clean Technology and waste management and skill Development and Training.
The Indian Commerce and Industry Minister has been accompanied by a high level business delegation under the leadership of shri Rajan Bharti Mittal, President of FICCI and included some of the leading industrialists of India. Earlier the two Ministers also chaired a business roundtable on 25th March 2010. Business leaders present from both sides exuded keenness to collaborate in high technology sectors. Shri Sharma observed that areas of infrastructure, clean energy, bio-pharmaceuticals, medical electronics, health and skill development offer enormous potential and stated that the Indian MSME sector and Finnish small industries should use each other’s strengths to make India a manufacturing hub for tech-rich industries and invited the Finnish industry to Invest in Institutes of Excellence and skill imparting centres in India. This was an area that India would be keen to commence work on immediately, he said. During the two day visit shri Sharma also held bilateral talks with Finnish Minister of Economic Affairs and employment Mr. Mauri Pekkarinen, and Dr Paavo Vayrynen, Minister for Foreign Trade and Development on areas of strategic and economic importance for the two countries.
