Investment from Nordic countries in India increased by nearly 200% in last decade: PM Modi
Oslo, May 20
Highlighting growing economic cooperation, PM Narendra Modi on Tuesday said that investments from Nordic nations into India have increased by nearly 200 per cent in the last decade.
In his remarks at the joint statements after the 3rd India-Nordic Summit in the Norwegian capital, PM Modi underscored that the deepening financial and commercial integration has injected immense dynamism into mutual growth, fostering commercial ties and generating substantial employment opportunities.
"To provide energy and speed to our relations with Nordic countries, we formed this format eight years ago. I am delighted that in the last few years, we have seen special progress in our relations. In 10 years, our bilateral trade has increased by about four times. Investment funds from Nordic countries are becoming important partners in India's rapid growth. In the last decade, investment from Nordic countries into India has increased by about 200%. Rapidly increasing trade and investment have contributed to India's growth story. It has also played a very positive role in the economy of Nordic countries and created thousands of new jobs," PM Modi said.
The expansion of trade and capital inflows underscores the growing synergy between India's market potential and the Nordic region's expertise in green technologies, sustainable infrastructure, and clean energy.
This booming economic partnership took centrestage at the main summit proceedings, where the Prime Minister underlined a significant push towards deepening strategic and economic cooperation between India and the Nordic nations.
"Participated in the 3rd India-Nordic Summit in Oslo, which reflected the growing depth and dynamism of India's partnership with the Nordic region," PM Modi said in a post on X.
The summit brought together leaders from India and the Nordic countries -- Denmark, Finland, Iceland, Norway, and Sweden -- to map out a collaborative blueprint for future growth, emphasising environmental stewardship and cutting-edge technological partnership.
"Our discussions focused on several aspects, including sustainability, innovation, clean energy, emerging technologies and strengthening cooperation for a peaceful and prosperous future," PM Modi said.
"India and the Nordic countries are united by shared democratic values, trust and a common commitment towards human-centric development," he added.
To pave the way for this cohesive multilateral blueprint, PM Narendra Modi had earlier set the momentum through a series of intense, high-level bilateral meetings with the leaders of Iceland, Finland and Denmark.
PM Modi first met with Iceland Prime Minister Kristrun Frostadottir to unlock fresh opportunities in green technology and maritime wealth.
Reflecting on the warmth of the interaction, PM Modi shared on social media, "Had a wonderful meeting with Prime Minister Kristrun Frostadottir of Iceland. India deeply values the friendship with Iceland."
The two leaders explored strategic collaborations across renewable sectors, including carbon management and sustainable fishing.
Highlighting Iceland's unique economic strengths, PM Modi noted, "Iceland's prowess in sectors relating to the Blue Economy is admirable. We are hopeful that the historic India-EFTA TEPA will give an impetus to trade and investment linkages as well."
External Affairs Ministry spokesperson Randhir Jaiswal stated that the deliberations also spanned innovation, digital technologies, the creative economy, Arctic cooperation and people-to-people exchanges.
The spokesperson added that the two leaders "exchanged views on regional and global issues of mutual concern."
PM Modi subsequently held a separate meeting with Finnish Prime Minister Petteri Orpo.
The two leaders aimed at scaling up partnerships in next-generation digital architecture, including artificial intelligence, 5G and 6G networks, quantum technologies, and circular economy models.
According to the MEA spokesperson, the two leaders "underlined the importance of the early entry into force of the India-European Union Free Trade Agreement" while exchanging perspectives on pressing global developments.
PM Modi also met with Danish Prime Minister Mette Frederiksen to further concretise the green strategic partnership between the two nations, reinforcing ties in sustainability and digitalisation.
The five Nordic nations boast a massive collective financial output exceeding USD 1.9 trillion, serving as global pioneers in green transition models.
PM Modi reached the Norwegian capital on Monday after successfully completing his bilateral engagements in Sweden.
PM Modi's visit to the Scandinavian nation comes after four decades of a visit of an Indian Prime Minister. Indira Gandhi had visited Norway in 1983 as Prime Minister.
Highlighting the deep economic significance of the trip, the Ministry of External Affairs noted that PM Modi's visit will provide an impetus to India's bilateral trade and investment ties with Nordic countries.
The engagements are slated to help build resilient supply chains following the India-EU Free Trade Agreement (FTA) and the landmark India-EFTA Trade and Economic Partnership Agreement (TEPA) signed with Iceland, Liechtenstein, Norway, and Switzerland.
PM Modi arrived in Norway as part of five-nation tour covering the UAE, the Netherlands, Sweden, Norway, and Italy from May 15-20.
— ANI
Reader Comments
As someone who works in renewable energy, this is fantastic news. The Nordic countries are leaders in green tech, and India has huge potential. Together, we can accelerate our transition to clean energy. Exciting times ahead!
The PM's focus on human-centric development and shared democratic values is inspiring. But I do hope these trade agreements also prioritize job creation for Indian youth and not just foreign investment. Need to see tangible benefits at the grassroots level. 🤔
Four times increase in bilateral trade in 10 years! That's phenomenal growth. The India-EFTA TEPA will be a game changer for our economy. Looking forward to more investments in AI, 5G, and quantum tech from Finland. Digital India is becoming a reality. 🚀
This is a major diplomatic win. The PM's tour covering UAE, Europe, and Nordic nations shows India's global outreach. Also great to see focus on ocean economy with Iceland and sustainable fishing. Blue economy is the next frontier. 🌊
Good to see India engaging with Nordic countries after 40 years! But we need to ensure these partnerships translate to real benefits for small businesses and startups too. Not just big corporates. The GST and ease of doing business reforms must continue. 👍
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