Five for Friday: Doing business in India
They don’t call India incredible for nothing: 1.2 billion inhabitants means a vast number of opportunities for Finnish companies.
With a real GDP growth of almost seven per cent over past 13 years, India has swiftly taken a prominent place on the global stage for doing business.
As part of Finpro’s India Day Seminar held today, the following Finnish companies took part in a panel discussion about the merits of getting involved in India. Given India’s size, it’s only fitting that we can’t just limit ourselves to five, however.
Thus, enjoy this Five (+1) for Friday!
This edtech startup entered the Indian education and corporate training market last year, and is already seeing the results.
“India will most likely become our biggest market this year,” says company founder Vesa Perälä. “I love working in India because that market is moving – even in education – much, much faster than Finland today.”
A frequent presence on our site, landing deals all around the globe, unsurprisingly, this ICT company also has a presence in India as well.
“Companies entering the Indian markets have multiple benefits,” explains Ulla Koivukoski, senior advisor, Avantoventures (former MD of Comptel India). “The volumes of India equal limitless business potential, and the diversity of the needs and competition there facilitates the innovation in the product-market fit, which increases competitive advantage for the companies working in India.”
The sun has been shining on the fortunes of this Finnish giant in India, having produced solar power in the country since 2013.
“Fortum has been energising India,” says Kari Kautinen, SVP, M&A, Solar and Wind Development. “It has been a very interesting journey. I am very happy – all our projects are on schedule, on budget and fulfil all the investment criteria.”
Bringing welding excellence to its Asian customers, this company manufactures welding machines at its subsidiary in Chennai and also offers software for welding related issues and services.
“India is a very attractive market for us,” states Hannu Jokela, vice president, sales APAC and export. “It’s a growing market… and has excellent engineering resources and no language barrier, like there is in China.”
Thanks to its unique business model and the rising levels of hygiene in the country, this workwear services company started in India 10 years ago, and now has operations in 10 cities.
“India plays a very important role in a very ambitious growth plan that we have,” says Petri Vapola, chief financial officer. “When we started business in India, there was basically no competition in the textile rentals business. We created the market there.”
Specialising in the manufacture of sheet metal components, this company has been present in India since 2009.
“India is still a developing country and it will develop a lot in the near future,” states the company’s business development manager Maaria Ajanko. “India is growing rapidly, so if you want to grow – where else to go!”
Good News from Finland is published by Finnfacts, which is part of Finpro.