Prime Minister Narendra Modi announced that investments from Nordic countries into India have increased by nearly 200% over the last ten years, signaling a robust growth in bilateral economic relations. Speaking at a virtual summit with Nordic leaders, Modi emphasized the significant progress made in trade and investment partnerships.
Strengthening Economic Ties
The surge reflects the deepening cooperation between India and the Nordic nations—Denmark, Finland, Iceland, Norway, and Sweden. Modi noted that the investment flow has diversified across sectors such as renewable energy, digital technology, and manufacturing. He credited policy reforms and ease of doing business initiatives for attracting foreign capital.
Key Sectors of Collaboration
- Renewable Energy: Nordic companies have invested heavily in India's solar and wind energy projects, aligning with India's target of 500 GW renewable capacity by 2030.
- Digital Technology: Partnerships in fintech, cybersecurity, and smart cities have grown, leveraging Nordic expertise in innovation.
- Manufacturing: Investments in automotive components and machinery have boosted local production under the 'Make in India' initiative.
PM Modi also highlighted the role of the India-Nordic Business Council in facilitating joint ventures and technology transfers. The leaders discussed expanding cooperation in green hydrogen, circular economy, and Arctic research.
Future Outlook
Both sides expressed optimism about reaching new heights in trade, with a target to double bilateral trade by 2030. Modi invited Nordic businesses to invest in India's infrastructure and startup ecosystem. The summit concluded with a joint statement reaffirming commitment to multilateralism and sustainable development.
