**Executive Summary**
On 16 July 2026, Union Minister of Commerce and Industry Shri Piyush Goyal led a high-level delegation to Finland to strengthen bilateral trade and investment ties. The visit follows the conclusion of the India–EU Free Trade Agreement and aims to fulfill a shared ambition to double bilateral trade by 2030. Key actions included the signing of two institutional Memoranda of Understanding (MoUs) to facilitate long-term industry collaboration and innovation partnerships.
**Key Points / Main Content**
* **Institutional Agreements**
* An MoU was signed between the Confederation of Indian Industry (CII) and Business Finland to create new mechanisms for industry collaboration.
* A second MoU was signed between the CII and the Confederation of Finnish Industries (EK) to facilitate greater business engagement.
* **Ministerial and Policy Focus**
* Bilateral discussions were held with Finland's Minister of Economic Affairs, focusing on financial markets, enterprise financing, and innovation.
* The visit reaffirmed the Strategic Partnership in Digitalisation and Sustainability established in March 2026.
* Discussions highlighted the expansion of trade and manufacturing opportunities under the India–EU Free Trade Agreement (concluded 27 January 2026).
* **Sector-Specific Collaboration**
* Industry interactions targeted high-growth sectors, including digital and frontier technologies, space, and clean energy.
* Emphasis was placed on the bioeconomy, circular economy, infrastructure, and advanced manufacturing.
* **Trade and Investment Goals**
* Both nations committed to a roadmap to double bilateral trade by the year 2030.
* The India–Finland Business Forum served as a platform for keynote addresses and networking to strengthen commercial ties.
**Impact Analysis**
**Indian and Finnish Industry Leaders**
**Impact**
Businesses gain access to formal institutional mechanisms and sector-specific platforms to explore technology partnerships, investment, and collaborative manufacturing.
**Action Required**
Identify opportunities within the highlighted sectors (such as clean energy and digital tech) and utilize the frameworks established by the new MoUs to initiate partnerships.
**Confederation of Indian Industry (CII), Business Finland, and EK**
**Impact**
These organizations are now the primary institutional facilitators for bilateral engagement and are responsible for maintaining the momentum of industry cooperation.
**Action Required**
Implement the provisions of the signed MoUs to promote industry collaboration and host future engagements for stakeholders.
**Government Policymakers**
**Impact**
Both governments are aligned on a strategic roadmap to significantly increase trade volume and deepen ties in innovation and sustainability.
**Action Required**
Continue ministerial-level dialogues to monitor the progress of the trade targets and ensure the successful implementation of the India–EU Free Trade Agreement.
Key Entities Referenced
India–European Union Free Trade Agreement: A major international trade agreement cited as a foundational driver for expanding bilateral trade, investment, and innovation partnerships.
Strategic Partnership in Digitalisation and Sustainability: The bilateral cooperation framework between India and Finland that provides the strategic basis for high-level industry and trade engagements.
Confederation of Indian Industry (CII): The lead Indian industry association that signed institutional Memoranda of Understanding (MoUs) to create mechanisms for greater business engagement.
Business Finland: A Finnish government organization for innovation and investment that entered into an MoU with CII to promote industry collaboration.
Confederation of Finnish Industries (EK): A representative organization for Finnish businesses that signed an MoU with CII to strengthen institutional and commercial ties.
Ministry of Commerce & Industry
Union Minister of Commerce and Industry, Shri
Piyush Goyal Leads High-Level Delegation to
Finland to Strengthen Trade and Investment Ties
Two MoUs Signed to Deepen India–Finland Industry
Cooperation
प्रव तथ: 16 JUL 2026 6:59PM by PIB Delhi
Union Minister of Commerce and Industry, Shri Piyush Goyal, commenced his official visit to Finland by
leading a high-level Indian delegation comprising senior business leaders and government officials to
strengthen bilateral trade, investment and industry cooperation. The visit witnessed the signing of two
institutional Memoranda of Understanding (MoUs), ministerial-level discussions, and extensive
engagements between Indian and Finnish industry across key sectors.
The visit builds on the elevation of India–Finland relations to a Strategic Partnership in Digitalisation and
Sustainability during the State Visit of President Alexander Stubb to India in March 2026 and follows the
conclusion of the India–European Union Free Trade Agreement on 27 January 2026.
On the first day of the visit, Shri Piyush Goyal held bilateral discussions with Dr. Sakari Puisto, Minister
of Economic Affairs of Finland. The discussions focused on strengthening cooperation in financial
markets, innovation, enterprise financing, and expanding bilateral trade and investment.
Shri Piyush Goyal also addressed the India–Finland Business Forum held at the House of the Estates in
Helsinki. The Forum featured keynote addresses by Dr. Sakari Puisto and Shri Piyush Goyal, followed by
interventions by Mr. Narayan Sethuramon, Chairman, CII Trade Policy Council, and Mr. Lassi Noponen,
Director General, Business Finland.
On the sidelines of the Business Forum, two Memoranda of Understanding were signed between the
Confederation of Indian Industry (CII) and Business Finland, and between CII and the Confederation of
Finnish Industries (EK), creating new institutional mechanisms to promote industry collaboration and
facilitate greater business engagement between the two countries.
Indian and Finnish companies also participated in sector-specific interactions covering digital and frontier
technologies, space, clean energy, bioeconomy, circular economy, infrastructure and advanced
manufacturing, exploring opportunities for collaboration, investment and technology partnerships.
In his address, Shri Piyush Goyal highlighted the shared ambition of India and Finland to double bilateral
trade by 2030 and emphasised the opportunities created by the India–EU Free Trade Agreement to expand
trade, investment, manufacturing and innovation partnerships.
The day's engagements concluded with a networking reception hosted by the Embassy of India in
Helsinki, providing an opportunity for business leaders, policymakers and stakeholders from both
countries to further strengthen institutional and commercial ties.The engagements on the first day of the visit reflect the growing momentum in India–Finland economic
relations and reaffirm the commitment of both countries to building a resilient, innovation-driven and
future-oriented partnership.
***
Abhishek Dayal/ Abhijith Narayanan/ Ishita Biswas
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