NEWS HIGHLIGHT
Theme : International Relations ; Environment
Paper:GS-2 and GS-3
Over the last decades, Nordic countries have also been at the forefront of developing new green technologies and solutions such as hydrogen, offshore wind, batteries and carbon capture and storage solutions that are essential for the world to succeed in the green transition it desperately needs.
TABLE OF CONTENT
- Context
- India-Nordic Connection
- Trade Links for Growth
- Potential for Trade
Context : Over the last decades, Nordic countries have also been at the forefront of developing new green technologies and solutions such as hydrogen, offshore wind, batteries and carbon capture and storage solutions that are essential for the world to succeed in the green transition it desperately needs. Together, the Nordics and India can deliver key technologies and solutions to stop climate change and boost green growth.
India-Nordic Connection :
- Nordic-India Summit: At the Nordic-India Summit held in Copenhagen in May 2022, the five Nordic Prime Ministers and India’s Prime Minister Narendra Modi agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy.
- Joint Nordic solutions for green transition: Modi expressed an interest in joint Nordic solutions that can support India’s green transition.
- Knowledge exchange and cooperation: It is very much with this in mind that the Trade Ministers of Norway and Finland, are currently visiting India together. During their visit, they aim to showcase the added value the partnership can bring to India and learn from the impressive innovations and digital solutions being developed in India.
- Ambition to increase collaboration: They have business delegations and companies that are leaders within sectors such as clean energy, circular economy, digitalisation, tourism, and the maritime sector. They have great ambitions for increased collaboration with India.
- The Nordic business community in India is also growing: The most valued and renowned Nordic businesses are already operating in India and have made substantial investments. There are now 240 Norwegian and Finnish companies in India.
Trade Links for the Growth :
- India a priority country for Finland: The past year has seen a significant rise in trade and investments between Finland and India, and India has grown to become a priority country for Finland.
- For instance: Finland opened a new consulate General in Mumbai. This further increases the number of Nordic representations in India’s commercial capital and will contribute to strengthening India-Finnish ties.
- Trade between Norway and India has doubled in the last three years: Finnish companies such as Nokia and Fortum see India as their largest growth market now and have some of their most significant investments in India. The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion).
- Number of investments is increasing rapidly: The Norwegian government has also recently established a new Climate Investment Fund for investments in renewables abroad, and India has declined as a focus country. Almost ?1,500 crore have been invested so far in India through the climate investment fund, and the number of investments is increasing rapidly.
Potential for Trade :
- Finland, as a member of the European Union (EU), is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.
- Trade in services is an area of significant potential, especially with tourism, education, IT, energy, maritime and financial services.
- As India takes rapid strides into a green, digital, and innovative future, Nordic countries such as Finland and Norway stand ready to share experiences and be a part of India’s transition.
FAQs :
-
What is the India-Nordic Connection?
ANS.
- Nordic-India Summit: At the Nordic-India Summit held in Copenhagen in May 2022, the five Nordic Prime Ministers and India’s Prime Minister Narendra Modi agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy.
- Joint Nordic solutions for green transition: Modi expressed an interest in joint Nordic solutions that can support India’s green transition.
- Knowledge exchange and cooperation: It is very much with this in mind that the Trade Ministers of Norway and Finland, are currently visiting India together. During their visit, they aim to showcase the added value the partnership can bring to India and learn from the impressive innovations and digital solutions being developed in India.
- Ambition to increase collaboration: They have business delegations and companies that are leaders within sectors such as clean energy, circular economy, digitalisation, tourism, and the maritime sector. They have great ambitions for increased collaboration with India.
- The Nordic business community in India is also growing: The most valued and renowned Nordic businesses are already operating in India and have made substantial investments. There are now 240 Norwegian and Finnish companies in India.
-
Talk about the Potential for Trade.
ANS.
- Finland, as a member of the European Union (EU), is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.
- Trade in services is an area of significant potential, especially with tourism, education, IT, energy, maritime and financial services.
- As India takes rapid strides into a green, digital, and innovative future, Nordic countries such as Finland and Norway stand ready to share experiences and be a part of India’s transition.