The 2nd Confederation of Indian Industries (CII) India Nordic-Baltic Business Conclave 2023 was recently held in New Delhi. This event aimed to promote collaboration between India and the Nordic Baltic Eight (NB8) countries, renowned for their strength in innovation and technology.
What is the Nordic Baltic (NB) 8?
The NB8 is a cooperation platform that unites the Nordic countries and the Baltic states. This regional collaboration includes five Nordic nations: Denmark, Finland, Iceland, Norway, and Sweden, along with three Baltic states: Estonia, Latvia, and Lithuania. These countries share historical, cultural, and geographical bonds which have facilitated cooperation in multiple sectors such as politics, economics, trade, security, and culture.
Key Highlights of the Conclave
The Conclave featured crucial discussions about various areas including Food Processing and Sustainability, Blue Economy and Maritime Cooperation, Renewable Energy Integration, Transition to Industry 5.0, Green Financing for Climate Action, Information Technology and AI Collaboration, and Resilient Supply Chain and Logistics.
Food Processing and Sustainability
A focus was on transforming food systems towards sustainability by sharing experiences, innovations, and best practices from both India and the Nordic-Baltic nations.
Blue Economy and Maritime Cooperation
The conclave emphasized the importance of effectual management of the Blue Economy to bolster Global Supply Chain Resilience, encourage sustainable marine practices, and further maritime cooperation.
Renewable Energy Integration
Discussion centered on India’s push for Renewable Energy integration, identifying resources, policy support, energy storage, and advanced technology initiatives.
Transition to Industry 5.0
Discussions aimed at leveraging advanced technologies to enhance productivity and efficiency in the manufacturing sector, facilitating India’s goal of becoming a developed nation by 2047.
Green Financing for Climate Action
The conclave highlighted the significance of climate finance in achieving sustainable transitions.
Information Technology and AI Collaboration
Potential areas of cooperation in IT and AI to address complex societal challenges were explored.
Resilient Supply Chain and Logistics
The need to build efficient and resilient supply chains was discussed with emphasis on aligning with India’s Logistics Policy.
Economic Relations between India and the Nordic-Baltic Countries
Trade and Investments: Mutual investment interests have been demonstrated through significant Cumulative Foreign Direct Investment (FDI) from Nordic countries.
Bilateral Collaborations: Specific collaborations and partnerships were established in various sectors such as sustainability partnerships with Finland and joint projects with Iceland.
Sectoral Engagements: Collaboration in sectors such as renewable energy, food processing, logistics, IT, AI, maritime cooperation, and blue economy initiatives were identified as potential areas for joint efforts.
Potential for Increased Collaboration
Space Technology and Polar Research: Potential collaboration was identified in space technology, geospatial sectors, and polar and climate research.
Global Engagement and Partnerships: Both regions have engaged in global partnerships, which provides opportunities for collaboration in sustainable growth solutions.
Proposed Future Directions
Recommendations included expanding bilateral trade, focusing on sectors like renewable energy, technology, healthcare, agriculture, and manufacturing, reducing trade barriers and enhancing market access, encouraging investments, promoting joint ventures, and ensuring a conducive environment for investments through favorable policies.
