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CII - Confederation of Indian Industry

11/22/2023 | Press release | Distributed by Public on 11/22/2023 22:44

'India’s relationship with the Nordic-Baltic countries is truly promising and there are natural synergies between the regions for expanding and deepening our relationship[...]

"India's relationship with the Nordic-Baltic countries is truly promising and there are natural synergies between the regions for expanding and deepening our relationship further"
-Dr. S. Jaishankar, Minister of External Affairs, Government of India

"India's relationship with the Nordic-Baltic countries is truly promising and there are natural synergies between the regions that paves the way for expanding and deepening our relationship further," stated Dr. Jaishankar, Minister of External Affairs, Government of India at the 2nd India Nordic Baltic Business Conclave organized by the Ministry of External Affairs and the Confederation of Indian Industry (CII) in New Delhi.

The Minister added that India's G20 Presidency provided a unique opportunity for closer cooperation with Europe and building deeper ties with the Global South. India and Nordic-Baltic countries (NB8) together can join hands in this regard for addressing challenges of the Global South together and in advancing the Global Biofuels Alliance.

The Minister noted the important role played by the Nordic Baltic countries as leaders in innovation, start-ups, tech applications and digital progress.

Reflecting on the expanding engagement between the two countries, the Minister noted the many positive developments between the two regions in recent times. These include, among others, establishment of appropriate institutional frameworks for closer business to business cooperation, plans of opening a resident Indian embassy in Latvia, and direct flights between India-Finland and India-Denmark facilitating mobility. Many initiatives are underway including sustainability partnerships, digitalization dialogues, and cooperation in the areas of renewable energy, water solutions, green hydrogen and agriculture, among others.

The Minister also highlighted the many opportunities for the NB8 countries in India for expanded trade and investments, joint R&D projects, rare earth minerals and telemedicine.

Dr. Jaishankar highlighted the various structural reforms undertaken in India under PM Modi's leadership and stated that India has entered the Amrit Kaal where more significant progress is awaited. He also added that the ongoing negotiations of the India-EU FTA and the EFTA TEPA negotiations also present many opportunities for greater collaboration between the regions.

H.E. Mr. Ville Tavio, Minister for Development Cooperation and Foreign Trade, Republic of Finland, emphasized that India and Finland, with their complementary skills, can work together to find common solutions to the many global challenges and bring several positive outcomes in the areas of sustainability, digitalization, education and science and innovation.

H.E. Mr. Niklas Wykman, Minister for Financial Markets, Kingdom of Sweden stated that India as one of the largest and fast-growing economies in the world provides many opportunities and is an important region for Sweden, while Sweden offers many advantages to India as it is endowed with a strong knowledge, innovation and entrepreneurial base. The Minister also highlighted the importance of removing barriers to trade to accelerate economic growth.

H.E. Mr. Aksel Vilhelmson Johannesen, Prime Minister, Faroe Islands, stated that India and the Faroe Islands both possess deep knowledge in fishing expertise and can work together in building a strong partnership in this area. He added that there is strong potential for cooperation for the two regions in the aquaculture sector as well. Given India's skilled workforce and IT strengths, there is huge potential to boost education and research, the Minister added.

Mr. R Dinesh, President, CII and Chairman, TVS Supply Chain Solutions Ltd. stated that India and the Nordic Baltic countries have the potential to deliver long term sustainable growth and the two regions must explore new avenues for collaboration to bring about mutual economic prosperity. He highlighted renewable energy, manufacturing, fisheries, agriculture, water, investments and technology partnerships as some critical areas of cooperation between the two regions.

Mr. Chandrajit Banerjee, Director General, CII, stated that renewable energy, green technology and blue economy were identified as some of the key areas of cooperation during the B20 process and extensive discussions across these sectors would be held during the conclave.

November 22, 2023

New Delhi