Finland President Alexander Stubb
| Photo Credit:
MOORTHY RV
The economic implications of the ongoing war between US and Iran could actually be much bigger than war in Ukraine, Finland’s president Alexander Stubb remarked on Saturday.
Stubb was participating in a fire side chat at the Finland India business summit in Mumbai.
Stubb said the ongoing war between Iran and the US has turned into a regional conflict. Just as the Russia – Ukraine war impacted food and fertiliser production, the ongoing war in West Asia is impacting trade and energy prices.
“I don’t think we have even begun to grapple what will be the economic implications of this war. It could actually be much bigger than implication of the Russia-Ukraine war,” he said.
Stubb, who was on a three day state visit to India, said that Finland always tries to mediate and find peaceful solutions to war. “ For us the key war to end is between Russia and Ukraine,” he said.
Finland is very stable place to do business
During Stubb’s visit India and Finland decided to elevate bilateral partnership to a strategic partnership on digitalisation and sustainability. The two countries signed 11 MOUs and decided to double the current $ 3 billion annual trade by 2030.
Stubb said Finland has a strong focus on mobile networks, quantum, satellite, space, circular economy and there are lot of possibilities to grow collaboration between the two countries.
“Finland is the least corrupt country in the world and so it’s a very stable place to do business,” he stated.
MOU to modernise Mumbai’s Sassoon Dock
Earlier in the day, a MOU was signed between Maharashtra Fisheries Development Corporation and Finnish companies for modernisation of Mumbai’s Sassoon Dock. Under the agreement the Finnish companies will support energy-efficient lighting systems, AI-based surveillance solutions, as well as initiatives for recycling fishing nets and promoting health and sanitation awareness.
Published on March 7, 2026