India – Finland business relations touch a new high

DELHI, India - April 24, 2018 - PRLog -- With a view to provide a fillip to India Finland business relations and boost trade and investment between the two countries, Finland Chamber of Commerce in India (FINCHAM) has been established in New Delhi.

The Chamber has been incorporated as an organisation for the business community of Finland in India and will lay out the eligibility criteria for affiliates (both corporate and non-corporate) to become members of the Chamber.

"Finland has some world class innovations that are not yet that well known in India. We want to increase their visibility in India and, at the same time, provide Indian companies with opportunities to invest in Finland", said Mr. Amit Gossain, Managing Director for KONE in India and member of the Finland Chamber of Commerce board of directors. In addition to Mr Gossain, the chamber's board is formed by the directors of Fortum, Wärtsilä and Nokia in India.

"The Finland Chamber of Commerce in India will promote bilateral commercial and industrial ties, trade, investment, economic, social and cultural relations between India and Finland by serving as a voice for the industry, connecting governments to businesses and facilitating activities and solutions that aid and augment the spirit of entrepreneurship and encourage and promote well-balanced economic growth", said Board members of the Finland Chamber of Commerce in India.

Finland was one of the earliest countries with whom independent India established diplomatic relations in as early as 1949 and the relations have been warm and friendly ever since.

Trade relations between the two countries have been on a steady upward curve. India's annual trade with Finland has crossed USD 1 billion. In 2016, Finland was India's 60th largest trading partner globally, and the 10th largest within the EU. Similarly, in 2016, India was Finland's 23rd largest trading partner globally, and the fifth largest within Asia.

Currently about 100 Finnish companies have operations in India, including through investments. Finnish companies are also aiding in Make in India drive. Large companies like KONE, Fortum, Wärtsilä, Nokia, Valmet, Cargotec, Metso, Huhtamaki, Salcomp, Ahlstrom, have set-up facilities in different parts of India.

About 30 Indian companies, mainly in the software and consultancy sectors, are active in Finland. These include TCS, WIPRO, Infosys, L&T InfoTech, Tech-Mahindra and HCL Technologies.

FINCHAM's principal objectives will be to promote activities that would encourage and stimulate investment by Finnish companies in India, support ongoing business operations of its members and encourage bilateral trade between Finland and India.

Amongst various services that FINCHAM aims to provide include an organized platform where Finnish companies in India can discuss and identify common issues and concerns regarding their economic and trade interests. The Chamber will create sectoral committees where members could represent and express their views and opinions on areas such as trade, commerce, finance, services, industry, agriculture and related issues. The Chamber will also act as an advocacy forum for promoting interests of members on the policy front.

About KONE

At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings.  In 2017, KONE had annual net sales of EUR 8.9 billion, and at the end of the year over 55,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland. For more information, please visit www.kone.com

About KONE India

KONE's presence in India dates back to 1984 and today it is the leading elevator company in India. Based in Chennai, KONE India serves customers all over the country through its 40+ branches and provides sustainable People Flow™ solutions for India's rapidly growing cities. It employs about 4500 people in the country.

KONE's production unit in Chennai produces elevators for the Indian market as well as for Bangladesh, Nepal and Sri Lanka. Chennai also has a training centre where KONE's installation engineers and field mechanics are trained to meet KONE India's strong reputation for high quality and uncompromised safety, as well as the expectations of Indian customers, when installing and maintaining elevators and escalators. KONE's global technology and engineering centre is a testing and research hub, which supports the latest technology and development of future KONE solutions.

KONE contributes to sustainable urban development with eco-efficient solutions that offer energy savings in buildings and deliver the best user experience. KONE is a pioneer in developing Eco-efficient™ solutions. KONE along with the KCF (KONE Centennial Foundation) supports the social development of a local community in Chennai in collaboration with Single Teacher Schools. For more information, please visit www.kone.in