In the past decades, the Nordic countries have been leaders in green technologies. Together, the Nordics and India can power the green transformation the world needs.
Thinking of the Nordic countries can bring different things to an Indian’s mind. Snow, fjords, lakes, and the northern lights are certainly things we have plenty of. Over the past decades, we 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 the world needs to succeed in the green transition.
The Nordics have been successful in creating stable, secure, welfare-based societies, which are able to meet the needs and wants of their residents to a large extent.
We share the ambition that the Nordic region should become the most sustainable and integrated region in the world by 2030. We work together to create a green, competitive and socially sustainable sector. However, the Nordic countries alone cannot deliver the green transition the world needs. Together, the Nordics and India can provide key technologies and solutions to prevent climate change and promote green development.
connect with india
At the Nordic-India Summit to be held in Copenhagen in May 2022, the five Nordic Prime Ministers and Prime Minister of India Narendra Modi agreed to intensify cooperation on digitization, renewable energy, marine industries and circular economy. Mr. Modi expressed interest in joint Nordic solutions that can support India’s green transition. Keeping this in mind, we, the Trade Ministers of Norway and Finland are currently visiting India together (9-10 February). During our visit, we aim to showcase the added value of the partnership we can bring to India and learn from the impactful innovations and digital solutions being developed in India.
Prime Minister Narendra Modi with the Prime Minister of Denmark, Mette Frederiksen, Prime Minister of Norway, Jonas Gahr Storey, Prime Minister of Iceland, Katrin Jacobsdottir, Prime Minister of Sweden, Magdalena Andersen and Prime Minister of Finland, Sanna India in Copenhagen, Denmark -Marin during the Nordic Summit 2022 | Photo Credit: PTI
We are accompanied by business delegations and companies that are leaders in sectors such as clean energy, circular economy, digitalisation, tourism and the maritime sector. He has a great ambition to increase cooperation with India.
Our most valuable and well-known businesses are already operating in India and have made substantial investments. Our business community in India is also growing. There are now 240 Norwegian and Finnish companies in India.
business relationships that can grow
The last year has seen a significant increase in trade and investment between Finland and India and India has become a priority country for Finland. A great example of this is that Finland has opened a new Consulate General in Mumbai, which will be inaugurated tomorrow (February 10). This further increases the number of Nordic representatives in the commercial capital of India and will contribute to the strengthening of Indo-Finnish relations. Many Indian companies are looking towards Finland for its expertise in technology and innovation, sustainability, digitization, carbon neutrality and other areas. A large number of Indian students, researchers and experts are also visiting Finland. Finnish companies such as Nokia and Fortum now see India as their biggest growth market 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 the largest single foreign investors (about $17.6 billion) in India. The Norwegian government has also recently set up a new climate investment fund to invest in renewables overseas, and India has been defined as the focus country. Around ₹1,500 crore has been invested in India so far through the Climate Investment Fund and the number of investments is growing rapidly.
However, there is still significant untapped potential for trade and further collaboration.
Both Norway and Finland have ongoing Free Trade Agreements and Investment Negotiations (FTAs) 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. Finalization of free trade and investment agreements with India is our priority. There are very few issues that remain outstanding, and we are confident that it should be possible to conclude the talks swiftly.
India’s Commerce and Industry Minister Piyush Goyal has said that today’s trade agreements must be fair, equitable and balanced. We largely agree with these views. It is a priority for us as well. Our trade agreements aspire to be comprehensive and mutually beneficial.
There are many complementarities in our trade relations, as our exchange of goods is of a different nature. In addition, trade in services is an area with significant potential, particularly with tourism, education, IT, energy, maritime and financial services.
As India moves rapidly into a green, digital and innovative future, Nordic countries like Finland and Norway are ready to share experiences and be a part of India’s transformation. Although we are much smaller than India in terms of population and located on the other side of the world, we have world leading technology and expertise to offer. Technologies and innovations that are successful and scaled up in India can be easily transferred to other parts of the world. Together, the Nordics and India can be a powerhouse of green transition globally.
Jan Christian Vestre is the Minister of Trade and Industry of Norway. Ville Skinari is the Finnish Minister for Development Cooperation and Foreign Trade.