This article sets out the figures for trade in goods and services between India and Finland, investment in both directions and the economic mechanisms between the two governments. All figures are taken from the Ministry of External Affairs (MEA) bilateral brief of June 2026 and describe the position at that time.

Trade in goods

According to the MEA brief of June 2026, bilateral trade in goods stood at USD 1017 million in 2024-25, compared with USD 895 million in 2019-20. The brief gives the following figures in USD millions (Source: Department of Commerce, India):

  • 2019-20: India's exports 269, India's imports 626, total trade 895
  • 2020-21: exports 284, imports 713, total 997
  • 2021-22: exports 344, imports 876, total 1220
  • 2022-23: exports 533, imports 1492, total 2025
  • 2023-24: exports 583, imports 913, total 1496
  • 2024-25: exports 356.37, imports 660.70, total 1017

The brief does not list the main goods traded between the two countries.

Trade in services

The brief gives trade in services for calendar years, in USD millions, from Statistics Finland:

  • 2020: India's imports from Finland 468, India's exports to Finland 899, total 1,367
  • 2021: imports 462, exports 1005, total 1,467
  • 2022: imports 665, exports 1073, total 1,738
  • 2023: imports 601, exports 1469, total 2,070
  • 2024: imports 580, exports 1372, total 1,952
  • 2025: imports 369, exports 1566, total 1,935

The brief states that although Indian imports fell in 2025, Indian exports of services to Finland increased by about $194 mn.

Finnish investment in India

For India, Finland ranks 41st in terms of country-wise FDI equity inflows into India, based on total FDI inflows from Finland till 2023. The brief states that Finland's investments in India have increased to USD 4 billion (approx.) and that over 100 Finnish companies have operations in India.

Large Finnish companies with manufacturing facilities in India include Nokia, Kone Elevators, Metso Outotec, Wartsila, UPM, Lindstrom, Fortum, Ahlstrom and Elcoteq. Among specific projects, the brief notes:

  • A Joint Venture between Numaligarh Refinery Ltd. and the Finnish companies Fortum and Chempolis is building a biorefinery in Assam.
  • Nokia has global delivery centres in Noida and Chennai and is described as India's largest international telecom infrastructure manufacturer. India is one of its top 10 high-growth regions, and it has launched a 6G research lab in Bangalore.
  • Metso Outotec inaugurated a new engineering centre in Vadodara, Gujarat in 2023.
  • In 2025, Hexa Climate Solutions, an Indian company backed by I Squared Capital, acquired Fortum's entire renewable energy portfolio in India, including a 206 MW operational portfolio and a 600 MW project pipeline.

Indian investment in Finland

Investment flows from India to Finland are over $ 2 billion (approx.), driven by several significant acquisitions and partnerships. The brief lists the following milestones:

  • early investments in 2006 by WIPRO Technologies, Sasken Communication and Trivitron Healthcare
  • Mahindra's acquisition of stakes in Holiday Club Resorts and in Sampo Rosenlew, a combine harvester manufacturing company
  • the acquisition of a stake in PKC Group by Motherson Sumi Systems in 2017
  • the acquisition of Fluido Oy by Infosys in 2018
  • a partnership in 2022 between Epsilon Advanced Material and Grafintec Oy to establish a graphite-based anode production facility
  • Cyient's acquisition of Citec and Tech Mahindra's launch of an Innovation Centre in Espoo

In 2024, AM Green acquired a majority stake in Chempolis Oy. AM Green Technology and Solutions B.V., part of AM Green Group, announced agreements to acquire the Finnish biorefining technology developer Chempolis Oy, its subsidiary Chempolis India Pvt. Ltd. and the Fortum 3 B.V. entities. The aim is to produce 0.5 million tonnes of sustainable aviation fuel (SAF) per year by 2027.

Joint Commission on Economic Cooperation

The 21st Joint Commission on Economic Cooperation Meeting between India and Finland took place on 17 October 2024. The Indian delegation was led by Shri L. Satya Srinivas, Additional Secretary, Department of Commerce. Mr. Jari Sinkari, Director General of the Department for Asia and Oceania in Finland's Ministry for Foreign Affairs, co-chaired the meeting from the Finnish side. The Commission agreed to an Action Plan on cooperation across different sectors.

Trade and business visits

The brief records several visits by Finnish trade ministers and business delegations to India:

  • Ms. Anne-Mari Virolainen, Minister of Trade and Development, from 29 November to 2 December 2018, accompanied by 25 companies
  • Mr. Mika Lintilä, Minister of Economic Affairs, with a Team Finland business delegation from 18-22 April 2022
  • Mr. Ville Skinnari, Minister for Development Cooperation and Foreign Trade, from 8-10 February 2023
  • Mr. Ville Tavio, Minister for Foreign Trade and Development, on 22-23 November 2023

A Commerce Committee of the Finnish Parliament comprising 7 MPs visited India from 9-14 September 2024. It met Shri Piyush Goyal, Minister of Commerce and Industry, and Smt. Nirmala Sitharaman, Minister for Finance and Corporate Affairs.

Indian state ministers and officials have also visited Finland. They include Tamil Nadu's Minister for Industries, Mr. Thiru Thangam Thennarasu (23-26 April 2023), and Minister of IT, Mr. Thiru T. Mano Thangaraj (17-18 November 2022). Karnataka's Minister of IT, biotech and S & T, Shri K J George, visited on 26 August 2018, and Mr. Sharath Kumar Bache Gowda, Chairman, KEONICS and MLA, visited on 02-03 September 2025.