Prime Minister Narendra Modi on Tuesday affirmed that the relations between India and the Nordic countries are set to usher in a new "golden era" with the recently concluded trade agreements.
"Starting October 2025, along with Norway, Iceland, and other EFTA countries, we have implemented the Trade and Economic Partnership Agreement. And just a few months ago, we signed the India-European Union Free Trade Agreement, in which Denmark, Finland, and Sweden are also partners. Through these ambitious trade agreements, we are set to usher in a new golden era in relations between India and the Nordic countries," he said at the 3rd India-Nordic Summit.
The rapidly growing trade and investment have not only contributed to India's growth story, but have also played a very positive role in the economies of the Nordic countries and created thousands of new jobs, he noted.
In 10 years, bilateral trade between India and Nordic countries has increased about four times. "The investment fund of Nordic countries is becoming an important partners in India's rapid growth. In the last decade, investment from Nordic countries into India has increased by about 200%. It has also played a very positive role in the economy of Nordic countries, and created thousands of new jobs," the prime minister said.
During the summit, the nations agreed that reform of multilateral institutions is both necessary and urgent.
The leaders decided to give India-Nordic relations the form of Green Technology and Innovation Strategic Partnership. With this partnership, Modi said, we will connect Iceland's expertise in geothermal and fisheries, Norway's expertise in blue economy and Arctic, and all Nordic countries' expertise in maritime and sustainability to India's skills to ensure a better future for the entire world.
PM Modi further highlighted that the nations will now work to connect Sweden's advance manufacturing and defence, Finland's telecom and digital technology and Denmark's cyber security and health tech, with India's talent to develop trusted solutions for the entire world with the formation of a unique 'Strategic Partnership'.
An important pillar of the India-Nordic partnership is the wide-ranging research and innovation ecosystem. To strengthen this, the leaders have decided to work together to enhance linkages between universities, labs, and startup ecosystems. The nations will also deepen cooperation in Arctic and polar research.
Here are the major outcomes of the 3rd India-Nordic Summit:
- The leaders decided to elevate India-Nordic relations to a Green Technology and Innovation Strategic Partnership to further foster cooperation in these priority areas
- They shared perspectives and agreed to work together in key areas of cooperation including clean and green transition, trade and investments, blue economy, digitalisation, AI and innovation.
- They exchanged views on global and regional issues of concern.
- They also agreed to enhance cooperation in multilateral fora and Nordic leaders reiterated their support for India’s permanent membership for a reformed and expanded UN Security Council.
- The leaders decided to hold the next India-Nordic Summit in Helsinki.
