News Highlight
India-Nordic: The Nordic countries are ready to offer their technologies and expertise to India as it moves towards a green, digital, and innovative future.
Key Takeaway
- Nordic countries have been at the forefront of green technology for decades.
- Together, the Nordics and India can power the world’s needed green shift.
India-Nordic Summit
- Aim
- The summit focused on economic engagement, green partnerships, and Arctic mobility and cooperation.
- The Summit provided a chance to assess the evolution of India-Nordic ties since the first India-Nordic Summit.
- Participating Countries
- India-Nordic Summit takes place between India and five Nordic Countries– Denmark, Iceland, Finland, Sweden and Norway.
Highlights of the Summit
- India-Finland
- There was discussion about expanding cooperation in emerging technologies such as:
- Artificial intelligence
- Quantum computing
- Future mobile technologies
- Clean technologies
- Smart grids.
- There was discussion about expanding cooperation in emerging technologies such as:
- India-Iceland
- Both leaders discussed ways to expand economic cooperation, particularly in geothermal energy, The Blue Economy, The Arctic, and renewable energy.
- In addition, to expand the fields of fishing, food processing, and education, including digital universities and culture.
- There was also talk about speeding up trade talks between India and the European Free Trade Association (EFTA).
- India-Sweden
- During the discussion, the two leaders reviewed the Joint Action Plan’s progress.
- Furthermore, it praised the broadening breadth of the jointly launched Leadership Group on Industry Transition (LeadIT) project.
- India-Norway
- The Indian Prime Minister stated that Norway is critical to India’s recently established Arctic Policy.
- India-Denmark
- Discussed various mutually beneficial subjects to strengthen bilateral relations, including the Ukraine conflict, the India-EU free trade agreement, and the Indo-Pacific scenario.
- The Green Strategic Partnership will further strengthen, focusing on green hydrogen, renewable energy, and wastewater management.
Significance of Nordic Countries for India
- India and the Nordic nations have strong business ties, even though their economies are substantially smaller than those of the G20 countries.
- With a per capita income of roughly USD 54,000, the total GDP exceeds USD 1.6 trillion.
- India and the Nordic countries have total bilateral trade and services worth USD 13 billion.
- Countries with strong technological capabilities and expanding corporate relations will look into collaboration in five areas of mutual interest.
- Green partnerships, digital and innovation economy, trade and investment links, sustainable development, and Arctic area collaboration are among them.
- Apart from the US, India is the only country with which the Nordic countries have summit-level meetings.
India’s Arctic Policy
- Six pillars
- Strengthening India’s scientific research and cooperation.
- Climate and environmental protection.
- Economic and human development.
- Transportation and connectivity.
- Governance and international cooperation.
- National capacity building in the Arctic region.
Pic Courtesy: The Hindu
Content Source: The Hindu