India and Estonia are set to deepen their economic, trade and technology partnership, after Union Commerce and Industry Minister Piyush Goyal highlighted opportunities to combine Estonia's digital expertise with India's scale.
Addressing the India-Estonia Business Forum, Goyal said the recently concluded India-EU Free Trade Agreement would open new opportunities for collaboration in trade, technology and investment.
He said bilateral cooperation between India and Estonia could be expanded to strengthen public digital infrastructure, cybersecurity, artificial intelligence, quantum computing, manufacturing and defence technologies.
Goyal said, " I think together, we can combine Estonia’s agility and technical depth with India’s scale and talent and possibly also our design capabilities, which will help make your technologies scalable, more affordable, and more cost-competitive and help you take your trusted digital solutions to Africa and to other parts of Asia.”
He added that Estonia has the potential to become a gateway for India's access to the larger markets in Nordic-Baltic region and Europe.
India, on the other hand, provides Estonian companies with competitive access to sectors such as electronics, machinery, chemicals, pharmaceuticals and processed food.
Goyal further said that the long-term potential growth of the Indian economy, which is currently placed among the top 6 global economies while being one of the fastest growing in terms of numbers in 2026 despite setbacks, is set on course to reach USD 30 trillion over the next 20-22 years.
The minister also extended an invitation to Estonian businesses to participate in India’s growth story and build partnerships that can endure as the economy keeps expanding in breadth and length.
The two nations, with relevant knowledge, could jointly develop solutions in digital identity, secure data exchange, payment systems and citizen-centric services, with technologies developed in Estonia and scaled in India for global markets.
Besides, more opportunities could be explored with cooperation in smart ports, digital logistics, precision agriculture, food processing, cybersecurity, unmanned systems and advanced manufacturing.
“If we combine your digital leadership with India's scale, talent and manufacturing strength, supported by the framework of the mother of all trade deals, the EU-India FTA, we can truly build a partnership that contributes not only to our two nations but also to a stronger India-Europe partnership,” Goyal said.
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