India and the Nordics -

An Emerging Hotspot for Businesses

Executive Summary

Business relations between India and the Nordic countries trace back as early as the 1600s, when a trading post was established in the Indian town of Tharangambadi. Since then, the ties have deepened and over the last few years, bilateral trade and investments have increased significantly between India and the Nordic countries.

Dun & Bradstreet data shows that Nordic companies have at least 244 subsidiaries in India and Indian companies have at least 233 subsidiaries and affiliate companies in the Nordic countries. Business relationships were further cemented by the India-Nordic Summit that took place in 2018 and various other diplomatic visits in the last few years. These ties are mutually beneficially for both India and the Nordic countries.

With the third largest gross domestic product in terms of purchasing power parity, India offers a huge external market and a diverse workforce for the Nordic companies. On the other hand, Nordic countries have consistently ranked high on innovation and clean energy initiatives. Knowledge transfer and spillover effects resulting from bilateral trade and investments will have a positive effect on Indian companies.

This whitepaper aims to bring to the surface the trends in business activity at the sector level. We hope this whitepaper will be a valuable source of information for business leaders and supply chain managers in identifying investment opportunities and potential trading partners.

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Key Takeaways:

The volume of inquires made by Nordic businesses on Indian businesses grew at a Compound Annual Growth Rate (CAGR) of 107% between 2017 and 2021

The volume of inquiries made by Danish businesses on Indian businesses grew at a CAGR of 84% between 2017 and 2021. Chemicals manufacturing sector received the highest volume of inquiries

The volume of inquiries made by Finish businesses on Indian businesses grew at a CAGR of 110% between 2017 and 2021. Primary metal products manufacturing sector received the highest volume of inquiries

The volume of inquiries made by Norwegian businesses on Indian businesses grew at a CAGR of 148% between 2017 and 2021. Food and kindred products manufacturing sector received the highest volume of inquiries

The volume of inquiries by Swedish businesses on Indian businesses grew at a CAGR of 148% between 2017 and 2021. Industrial and commercial machinery, and computer equipment manufacturing sector received the highest volume of inquiries

About the Author:

Dr. Arun Singh
Global Chief Economist
Dun & Bradstreet

Dr. Arun Singh has worked across global quantitative and qualitative economic research, econometric modelling and commodity and industry research for the past two decades. He has provided strategic advice and expertise to aid decision making within various government and private organizations. Arun's ability to connect economic insight and data and explain business implications has led to him becoming a trusted advisor and expert for media, government and clients alike.