With the support of Business Finland, Finnish companies are expanding into the thriving Indian market.
Finnish Companies Expand into Indian Market with Support from Business Finland
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Finland has been involved in India's expanding market for a number of years; it is home to the venerable telecom behemoth Nokia as well as a number of other well-known businesses. Leading the way in advancing Finnish corporate interests in India, corporate Finland is optimistic about South Asia's economy as a place to do business and invest. By strategically connecting Finnish companies with Indian system integrators, it facilitates their worldwide expansion.
Indian markets with a focus on Finland:
"India is the most important market, so we started this program with India and we are going to expand this further," Business Finland's System Integrator Programme head Robin Singh stated in a special interview with WION.
Singh outlined the group's plans and initiatives and stated that Business Finland links Finnish technology competence with Indian market needs through partnerships with major Indian integrators like Infosys and HCl, resulting in productive collaborations.
He was speaking on the fringes of an event on Wednesday, February 7, that was coordinated with the Finnish Embassy in India.
We go back to Finland, look for the ideal technology partner, and bring them here to matchmake them with Indian system integrators since we understand their needs and what their clients are looking for.
India as a marketplace:
Cultural sensitivity and navigating the marketplace
Singh emphasized the value of perseverance and concentration while joining a complicated and diversified market like India.
Understanding the intricacy of the Indian market is crucial for them [businesses]. A corporation that approached us last year informed us that, thirty years ago, when they first began operating in India, it was the nation that cost them the most money, but that, today, India represents their largest worldwide market in terms of both value and volume, the speaker said.
That is the sort of incentive that comes with visiting India, and we always assure them that if they do so and accept our help and direction, they will receive an extremely large reward.
The Indian market is intricate. "India is a big market," he stated, going on to say that it's also a very lucrative market. For some of our businesses, India has already emerged as either the largest global market for them or, if not, one of the top three worldwide markets.
According to him, Business Finland offers crucial assistance to Finnish businesses, guiding them through cultural differences and helping them identify the ideal partners to secure success in India's fast-paced business environment.
We clarify it to Finnish businesses and advise them to exercise patience and attention if they are considering doing business in India. You just cannot try to sell something by knocking on the door and then go. In India, it won't operate that way. If you must travel to India to be rewarded, locate suitable partners, enlist our assistance, and we will assist you in conducting market research and locating suitable partners. In this intricate Indian market, we can also help them traverse it, Singh added.
Promoting cooperation through planned activities:
Through collaborations with entities such as the Finnish Chamber of Commerce and participation at significant tech conferences, Business Finland fosters relevant interaction and partnership building possibilities.
To help Finnish and Indian businesses collaborate, Business Finland arranges delegations, industry-specific meetings, and networking events.
Along with the approximately 35 firms that make up the Finnish Chamber of Commerce, we also create activities for Fincham. Singh noted that we also arrange delegation trips by Finnish businesses to India.
In addition to hosting these events on our own, we are also the main sponsors of other gatherings like the Bengaluru Tech Summit. We also work together with the Karnataka government. In addition, we take part in the India Mobile Congress (IMC) and work together on international platforms for events like Mobile World Congress.
Singh emphasized the opportunity for Finnish businesses to prosper through cooperation as well as the significance of India's expanding startup environment. Business Finland hopes to promote research collaborations and business initiatives between Finnish and Indian companies, with an emphasis on cutting-edge technologies like 6G, AI, and sustainability.
6G Bridge Program: Taking Advantage of New Technologies:
The 6G Bridge programme aims to help Indian system integrators and Finnish companies collaborate by utilising Finland's experience and India's ambitions in the 6G mobile telephony market.
According to a source, the Indian government has stated that it aims to register at least 10% of all Intellectual Property Rights (IPR) in the 6G area globally. Finland, as a nation, has chosen to lead the way in 6G adoption worldwide.
We began working on 6G in 2018, and the government has provided funding of over 300 million euros to build the necessary skills and research in Finland. Based on our assessment, Finland's offerings and what India is seeking align quite well.
2024's 6G Mobile World Congress:
According to Singh, Finland is one of the about 20 countries represented at the 6G Mobile World Congress in the areas of sustainability, metaverse, and communication.
We are also taking four research centers, including the University of Oulu, in addition to these 20 countries. We have already made contact with Indian system integrators. They have also consented to conduct highly targeted matchmaking events in Barcelona, and we have received a fantastic reaction.
Collaborations in Artificial Intelligence:
Finnish businesses are looking to work with Indian businesses in the AI space. India has a sizable and quickly expanding market that is being driven by both significant technology breakthroughs and increased digitalization.
"We are the first country in Europe to have a metaverse strategy," stated Singh in response to this. With an AI approach, we are the second in Europe. We are incredibly powerful. We lead the world in sustainable solutions and are referred to as the forerunners of communication technologies. AI and sustainability are the two sectors where I think there will be a lot of opportunity for Finnish firms, especially in the sustainability arena, given the opportunities in India and the government's push.
