India has become a new hub for an increasing number of Estonian businessmen. Though it offers the same advantages as the potentially more lucrative Chinese market, India offers easy accessibility to do business for foreign companies, reports Estonian media.
According to Siim Sikkut from the Development Fund, who is in charge of Estonian-Indian relations, “There is a lot of interest from Indian businessmen themselves to do business with Estonians. Our businessmen are still exploring the opportunities, but the Indians are ready to start business.”
Indians are not only interested to trade with Estonian companies, but are also planning to develop cooperation in the field of IT and R&D, Sikkut adds.
As per the financial and economic experts, India will be the world’s fifth largest economy by 2025, passing Germany. By 2050, India is even expected to become the world’s largest economy.
Ambassador of India to Estonia and Finland, Aladiyan Manickami has noted that India, as a big country, looking for cooperation in very many fields. “Estonia is in a good position in computer software, energy, waste management and renewable energy,” said the Ambassador, adding that there are plans to hold seminars in Tallinn to attract Indian entrepreneurs to set up their offices in Estonia so that they can expand their business in the Baltic Sea region and elsewhere in Europe.
One company that is already doing business in India is wood-processing industry Viisnurk. The company’s sales manager explains that Viisnurk is exporting its woodchip boards to India for use in local construction industry.
Estonian-Indian trade has a lot of room to grow since at present it is less than 0.3 percent of the total Estonian foreign trade. Estonia's exports to India and imports from India are equal at around 3 million euros, the, Baltic Business News quoting Postimees having said.
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