2nd India-Nordic Summit

In News

• The Indian Prime Minister participated in the 2nd India-Nordic Summit along with Prime Ministers of Denmark, Iceland, Norway, Sweden and Finland at Copenhagen in Denmark. 
  • 1st India-Nordic Summit was held in 2018 in Stockholm.

About the Summit

• Aim: The summit focused on economic engagement, green partnership and mobility and cooperation in the Arctic region.
  • The Summit provided an opportunity to review the progress of the India-Nordic relations since the 1st India-Nordic Summit.
• Core areas of cooperation: 
  • Discussions were held on multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalization, and green and clean growth.
  • Discussions were also held on cooperation in the maritime sector with a focus on sustainable ocean management.
  • With Finland the discussion focused on to expand cooperation in the fields of new and emerging technologies like AI, quantum computing, future mobile technologies, clean technologies and smart grids
  • With Norway the discussion was to deepen engagement in areas like blue economy, renewable energy, and green hydrogen, solar and wind projects, green shipping, fisheries, water management, rainwater harvesting, space cooperation, long-term infrastructure investment, health and culture.
  • Both Indian and Sweden PMs expressed satisfaction at the progress made by the Lead IT initiative.
  • Lead IT initiative was a India-Sweden joint global initiative to set up a Leadership Group on Industry Transition (LeadIT) in September 2019 at the UN Climate Action Summit to help guide the world’s heaviest greenhouse gas (GHG) emitting industries towards the low-carbon economy. Its membership has now grown to 35 with 16 countries and 19 companies
  • With Iceland leaders discussed ways to further strengthen economic cooperation, especially in the sectors of geothermal energy, blue economy, Arctic, renewable energy, fisheries, food processing, education including digital universities, and culture

India – Nordic countries relation

• Sagarmala project: India invited Nordic companies to invest in the Blue Economy sector, especially in India’s Sagarmala project.
• Sovereign wealth funds of the Nordic countries were invited to invest in India.
• Lead IT initiative: an India-Sweden move to set up a Leadership Group on Industry Transition to guide the world’s heaviest greenhouse gas emitting industries.
  • Its membership has now grown to 16 countries and 19 companies.
• In the health sector: Both sides discussed cooperation relating to joint research in vaccines and the development of health infrastructure.
• Water bodies: The two leaders also talked about the cooperation in building and restoring water bodies in India.

Major Challenges

• The conflict in Ukraine has become a major security concern for the Nordic states, with Sweden and Finland expected to join the North Atlantic Treaty Organisation (NATO).
• India has so far refrained from publicly criticising the Russian invasion of Ukraine though it has consistently called for respecting the sovereignty and territorial integrity of all states.

Significance of the relations

• India’s Arctic Policy provides a good framework for expansion of India-Nordic cooperation in the Arctic region.
• United Nation Security Council: The Nordic countries reiterated their support for India’s permanent membership of a reformed and expanded United Nation Security Council.
• India agreed to work together to fight and address climate change and to protect the natural environment.
  • They reiterated their commitment to ambitious cooperation on renewable energy, energy diversification, smart grids and energy efficiency.
• The blue economy can deliver economic growth, new jobs, improved nutrition and increased food security.
• A strong partnership between India and Nordic countries can help promote innovation, economic growth, climate friendly solutions and mutually beneficial trade and investments.
• India’s trade with Nordic countries stands at over USD 5 billion (2020-21) and a cumulative FDI of over USD 3 billion.
• Both sides are looking forward to reform the UN, including the Security Council, and the World Trade Organisation (WTO), as well as strengthening collaboration on global health issues such as pandemic preparedness.

Source: AIR