India’s innovation adoption makes it a strong long-term market: Aker BioMarine CEO

Dalian (China), June 24 (IANS) Rapid adoption of innovation and technology, coupled with a growing middle class and a large consumer base, will continue to make India a strong long-term market, Norwegian biotechnology firm Aker BioMarine’s Chief Executive Officer (CEO) Matts Johansen said on Wednesday at the World Economic Forum’s Annual Meeting of the New Champions, also known as the Summer Davos.

Speaking to IANS on the sidelines of the event, Johansen said India remains an attractive destination for businesses looking to tap into long-term growth opportunities.

“I think India will continue to be a very strong market. You have a large population, a growing middle class and fast adoption of innovation and technology. That’s a recipe for a continued strong market in India,” he said.

Highlighting the company’s commitment to the country, Johansen said Aker BioMarine is expanding its presence in India and is in the process of setting up an office in Mumbai.

“India has been a strong market for us for a long period of time. It is already a big market for us. We are providing ingredients for the Indian shrimp farming industry, which is one of the leading markets for that in the world,” he said.

The company is now looking to strengthen its footprint beyond aquaculture by supplying ingredients for food products and human health supplements in the Indian market.

“That is also why we are investing in the Indian market from our side,” Johansen told IANS.

In addition, he highlighted the growing role of artificial intelligence (AI) in improving productivity and driving business growth across industries.

According to him, AI is expected to become a major catalyst for efficiency gains across the company’s value chain, ranging from manufacturing operations to sales, marketing and finance functions.

“AI will be a very important driver of improved productivity across our value chain. Everything from our factories and manufacturing to sales, marketing and finance. This will be a major driver of growth globally in the coming years, and we are trying to embrace it as much as possible,” he said.

The Summer Davos, which began on June 23, will conclude on June 25. Global leaders in business, government, academia, and international organisations will convene to discuss the future of innovation, entrepreneurship, and economic development.

–IANS

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