India and Finland Sign Agreement on S&T Cooperation

India and Finland have signed an Agreement on Cooperation in Science & Technology that provides for a broad based framework of cooperation in the areas of research, development and innovation policies between the two countries with renowned cutting-edge technologies. The agreement was signed by Mr. Kapil Sibal, Union Minister of Science & Technology and Earth Sciences and Mr. Mauri Pekkarinen, Finnish Minister of Economic Affairs, in Helsinki on 25 March 2008.

Speaking on the occasion Shri Sibal said that the Way forward for the bilateral relations is to set up an innovation industrial R&D fund enabling technology access to market for mutual benefit of the people of India and Finland. Mr. Mauri Pekkarinen termed the visit of the Indian Minister as a big event in the bilateral relations between India and Finland.

During his visit Mr. Sibal will also be calling on Finnish Prime Minister Mr. Matti Vanhanen and Mrs. Sari Sarkomaa, Minister of Education besides visiting a number of leading research institutions.

Bilateral relations with Finland, an important member of the European Union with proven technological capabilities in ICT, Biotechnology, industrial machinery and paper industry, have assumed a dynamic edge following the exchange of Prime Ministerial visits in 2006. The India-EU Summit meeting took place in Helsinki in October 2006 during Finland’s EU Presidency. Bilateral trade which in 2007 was valued at Euro 645.08 million has grown by over 20%. Two-way investments are growing with Finnish majors like Nokia, Elcoteq, Kone and Wartsila now well established in India. Indian investments in Finland are also making an impact in areas such as ICT and renewable energy.

Finland has one of the highest investments in R&D as a percentage of its GDP among the OECD countries and is continually increasing. It is now renowned for its environment-friendly, innovative technological capabilities which would be beneficial for India’s booming economic development

Source: Press Inormation Bureau
Date: March 26, 2008