NEW DELHI: The third India-Nordic summit saw the two sides upgrade their relationship to a green technology and inn-ovation strategic partnership and sign an agreement to leverage India-EU FTA and India-EFTA TEPA, which envisages $100 billion investment into India and came into effect last year, for greater trade, technology and investment linkages. As the PMs of Nordic countries – Denmark, Sweden, Finland, Iceland and Norway – held talks with PM Narendra Modi in Oslo, they also concluded six other agreements in areas like climate action, Arctic cooperation, talent mobility and defence industrial collaboration. The PM said that in this era of global tension and conflict, India and the Nordic countries would continue to advocate for a rules-based global order. He also underscored India’s “clear and united” position on terrorism that there could be “no compromise and no double standards”. “And whether in Ukraine or West Asia, we will continue to support efforts for an early end to conflict and peace,” he said, adding that both sides agreed that reform of multilateral institutions was both necessary and urgent. Nordic leaders also reiterated their support for India’s permanent membership in a reformed and expanded UN Security Council. According to the Indian govt, the defence agreement will tap into investment opportunities, including 100% FDI being offered to Nordic defence firms in Indian defence industrial corridors. Modi said that with ambitious agreements like FTA and TEPA, both sides were ushering in a new golden era in relations. “We have decided to elevate the India-Nordic relationship to a green technology and innovation strategic partnership. Through this, we will combine Iceland’s geothermal and fisheries, Norway’s blue economy and Arctic, and the maritime and sustainability expertise of all Nordic countries with India’s scale, ensuring a better future for the entire world,” said the PM. “And by forging this unique strategic partnership between us, we will combine Sweden’s advanced manufacturing and defence, Finland’s telecom and digital technology, and Denmark’s cybersecurity and health-tech, with India’s talent, to develop trusted solutions for the entire world,” he added. The PM also said an important pillar of the partnership was extensive research and innovation ties. To strengthen this, he said, both sides would enhance linkages between universities, labs, and start-up ecosystems. “India will keep working with the Nordic nations for more trade and investment, sustainable growth, greater innovation, climate action and cooperation in the Arctic,” he said in a post on X.
