Nordic-Baltic Eight (NB8)

 

Nordic-Baltic Eight (NB8)

·       It is a regional co-operation format that includes Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden.

·       Under NB8, regular meetings are held of the Baltic and Nordic countries' Prime Ministers, Speakers of Parliaments, Foreign Ministers, branch ministers, Secretaries of State and political directors of Foreign Ministries, as well as expert consultations where regional issues and current international topics are reviewed.

How have the Economic Relations between India and the Nordic-Baltic countries been?

Trade and Investments:

·       Cumulative Foreign Direct Investment (FDI) received from Nordic countries has reached a significant figure, demonstrating mutual investment interests.

·       India's combined trade in goods with the NB8 countries is currently around USD 7.3 billion and the cumulative FDI received from Nordic countries from 2000 to 2023 is USD 4.69 billion.

·       Moreover, the presence of over 700 Nordic companies in India and close to 150 Indian companies in the Nordic-Baltic region showcases the bilateral investment and trade partnerships.

Bilateral Collaborations:

·       Specific collaborations and partnerships have been established in various domains.

·       Examples include sustainability partnerships with Finland, a green strategic partnership with Denmark focusing on water solutions, wind energy, and agriculture, and joint projects with Iceland in harnessing geothermal energy.

 

Sectoral Engagements:

·       Collaboration in sectors such as renewable energy, food processing, logistics, IT, AI, maritime cooperation, and blue economy initiatives has been identified as potential areas for joint efforts and investments.

·       The alignment of India's ambitious renewable energy targets with the technological expertise of the Nordic-Baltic countries offers opportunities for collaboration.

Space Technology and Polar Research:

·       There is potential for collaboration in space technology, geospatial sectors, and polar and climate research, with discussions around joint research projects and opportunities in the Arctic and Antarctic regions.

Global Engagement and Partnerships:

·       Both India and the Nordic-Baltic countries are actively engaged in global partnerships, such as India's engagement with the Global South through G20, which provides opportunities for collaboration in finding solutions for sustainable growth.

·       Additionally, exploration of partnerships in joint development projects, especially in Africa, underlines the potential for expanding their collective global footprint.


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