Potentials and contributions of The Nordic 

Potentials and contributions of The Nordic 

• Over the last decades, Nordic has 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.
• The Nordics have succeeded in building stable, secure, welfare-based societies that, to a large extent, manage to meet the needs and the wishes of their inhabitants.
• The Nordic region is going to become the most sustainable and integrated region in the world by 2030. They are working together to build a green, competitive, and socially sustainable region. 
• However, the Nordic countries alone cannot deliver the green transition the world requires. 

Combined Potentials and contributions of India and The Nordic 

• Together, the Nordics and India can deliver key technologies and solutions to stop climate change and 

Boost green growth.

• Connecting with India 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 digitalization, renewable energy, maritime industries, and the circular economy. Mr. Modi expressed an interest in joint Nordic solutions that can support India’s green transition. It is very much with this in mind that we, the Trade Ministers of Norway and Finland, are currently visiting India together. The visit aims to showcase the added value to the partnership we can bring to India and learn from the impressive innovations and digital solutions being developed in India. We have with us business delegations and companies that are leaders within sectors such as clean energy, circular economy, digitalization, tourism, and the maritime sector. They have great ambitions for increased collaboration with India. 

India and the Nordics relations

• The thought of the Nordic countries might evoke different things in an Indian. Snow, fjords, lakes, and northern lights are definitely things we have plenty of. Our most valued and renowned businesses are already operating in India and have made substantial investments. 
• Trade and commerce relations There are now 240 Norwegian and Finnish companies in India. Trade links that can grow The past year have seen a significant rise in trade and investments between Finland and India, and India has grown to become a priority country for Finland.
• Several Indian companies are looking towards Finland for its expertise in areas of technology and innovation, sustainability, digitalization, carbon neutrality, and more. An increasing number of Indian students, researchers, and experts have been moving to Finland as well. 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. Trade between Norway and India has doubled in the last three years. The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion). The Norwegian government has also recently established a new Climate Investment Fund for investments in renewables abroad, and India has been defined as a focus country. 
• Over 1,500 crores have been invested so far in India through the climate investment fund, and the number of investments is increasing rapidly. However, there is still significant untapped potential for trade and further collaboration.
• Both Norway and Finland have ongoing free trade agreements and investments negotiations (FTA) with India. 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. Finalizing the free trade and investment agreements with India is a priority for us. There are very few issues that are outstanding, and we are convinced that it should be possible to conclude negotiations swiftly.
• Diplomatic relation A great illustration of this is that 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’s Finnish ties.