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Baltic States seek Indian investment

They are targeting investments in the fields of engineering, communications technology and the life sciences, reports Madhur Singh.

india Updated: Jan 22, 2007 21:11 IST

The Baltic states of Denmark, Estonia, Finland, Latvia, Lithuania and Sweden have joined hands to attract foreign investment from India.

"Our competitive and corruption-free work environment, highly skilled workforce, excellent infrastructure and proximity to both Western Europe and Russia make us a good investment destination," said Mauri Pekkarinen, Finland's Minister of Trade and Industry, currently leading a joint delegation of the six states to India.

They are targeting investments in the fields of engineering, communications technology and the life sciences in particular.

Pekkarinen is scheduled to meet the Indian ministers of trade, science and technology and information technology as well as various industry leaders during his two-day visit. 
 
The Baltic States have no barriers on investment and next to none on imports of goods, said Pekkarinen. "Indian companies can have virtually seamless integration with the EU business community by entering through the Baltic States," he said, adding that the giant Russian and Western European markets are geographically proximate to the Baltic States Region (BSR). 
 
Pekkarinen says the BSR countries share productive complementarities - Denmark, Finland and Sweden have high standards of science and technology (Nokia is Finnish company!) while Latvia, Lithuania and Estonia offer low costs. The economy of these states has been growing at 5-6 per cent over the last few years.  Latvia and Estonia have been charting almost 10 per cent growth.