Recently, Indian Prime Minister held a string of meetings with the prime ministers of Denmark, Norway, Sweden, Iceland, and Finland. In these discussions, the aim was to enhance bilateral ties and discuss regional and global developments. These meetings took place alongside the second India-Nordic Summit in Copenhagen.
Significance of the Second India-Nordic Summit
The second edition of this summit was monumental due to two global events – post-pandemic economic revival and continuous war between Ukraine and Russia. The focus of the summit was not just on economic, trade, and investment issues but also touched upon the welfare state concept blended with capitalism and democratic practices. The summit opened the door for Nordic companies to invest in India’s blue economy, especially the Sagarmala Project. Nordic countries also showed their support for India’s permanent membership in a reformed United Nation Security Council.
Highlights from the Bilateral Meetings
In the India-Denmark meeting, topics like the war in Ukraine, the India-European Union (EU) free trade deal, and the Indo-Pacific situation were discussed. Both parties agreed to strengthen their Green Strategic Partnership focusing on green hydrogen, renewable energy, and wastewater management.
In the meeting between India and Norway, the potential for engagement in fields such as Blue Economy, renewable energy, green hydrogen, solar and wind projects, green shipping, fisheries, space cooperation, among others was discussed.
During India-Sweden meeting, the progress of the Joint Action Plan and expansion of the Leadership Group on Industry Transition (LeadIT) initiative were appreciated mutually. This initiative aims to guide industries with high greenhouse gas emissions towards a low-carbon economy.
In the India-Iceland meeting, discussions were held to strengthen economic cooperation, particularly in sectors like geothermal energy, Blue Economy, Arctic, renewable energy etc.
The dialogue between India and Finland was centred around expanding cooperation in emerging technologies like AI, quantum computing, future mobile technologies, clean technologies, and smart grids, among others.
Significance of the Nordic Countries for India
India shares strong business relationships with Nordic countries, despite the smaller economies compared to G20 countries. The combined GDP of these Nordic countries is over USD 1.6 trillion with a per capita income of around USD 54,000 while bilateral trade with India amounts to USD 13 billion. Cooperation areas encompass green partnership, digital and innovative economy, trade and investment linkages, sustainable development, and collaboration regarding the Arctic region. The pattern of Nordic countries holding summit-level meetings only with the US and India further accentuates the significance of these relations.