CII India-Nordic-Baltic Business Conclave

November 21, 2023

The Nordic Baltic Eight (NB8), consisting of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden, stands as an innovation and technological powerhouse. With India’s increasing emphasis on technology, significant opportunities for partnerships between the two geographies emerge, promising substantial future growth.

Exploring Collaborations: Opportunities for Indian Industry

The NB8 region provides a vast opportunity for Indian industries to establish partnerships, joint ventures (JVs), and engage in technology transfer agreements with institutions and enterprises in the region. Meeting India’s need for market knowledge, insights into specific procedures, compliance norms, and more, the NB8 region becomes a valuable resource.

Optimistic Investments: NB8 Investors and India’s Growth Prospects

Nordic-Baltic investors express optimism about India’s medium-term growth prospects. The potential for collaboration is set to be explored at the “CII India Nordic Baltic Business Conclave” scheduled in New Delhi on November 22-23. The conclave aims to bring together stakeholders, facilitate dialogues on key focus sectors, foster new business partnerships, lay the groundwork for potential policy changes, and create opportunities for collaboration. This year’s event follows the success of the first CII India-Nordic-Baltic Conclave held virtually in November 2020.

Economic Powerhouses: Nordic Countries’ Collective Impact

Nordic countries, members of the European Union and EFTA, collectively represent an economy exceeding USD 2.012 trillion, with a high standard of living for their 27 million population. The countries boast high GDP per capita and rank prominently in the Human Development Index. Leaders in innovation, clean technology, renewable energy, and sustainability, the Nordic countries are economic powerhouses.

Baltic Expertise: Leaders in IT, Digitization, and Green Technology

The Baltic countries excel in IT, digitization, cyber technology, and green technology, contributing to the overall prowess of the NB8 region.

Diplomatic Momentum: India-Nordic Engagements

India’s interactions with the Nordic countries have gained momentum through established frameworks and summits. Prime Minister Narendra Modi’s visits to Stockholm and Copenhagen, along with virtual summits and high-level bilateral engagements, have strengthened diplomatic ties.

Economic Collaborations: Trade, Investments, and Presence

Trade in goods between India and NB8 countries reached USD 8.036 billion in 2021-22, with cumulative FDI from NB8 countries amounting to USD 4.307 billion. Over 700 NB8 companies, predominantly from Sweden, operate in India, and nearly 150 Indian companies have a presence in the NB8 region.

Cutting-edge Technologies: Collaboration in Niche Sectors

NB8 countries lead in niche technologies, including digitization, maritime solutions, renewable energy, AI, e-mobility, and cyber technologies. Collaborative initiatives such as the India-Denmark Green Strategic Partnership and sustainability and digital partnerships further showcase the depth of engagement.

Growing Indian Community: Presence in NB8 Region

Around 1,33,495 Indians reside in the NB8 region, and approximately 3,500 Indian students pursue education in various universities across NB8 countries.

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