2nd CII India-Nordic Baltic Business Conclave 2023

2nd CII India-Nordic Baltic Business Conclave 2023

News: Recently, the 2nd CII (Confederation of Indian Industries) India Nordic-Baltic Business Conclave 2023 was held in New Delhi.

What is Nordic Baltic (NB) 8?
• The NB8 is a regional cooperation format that brings together the Nordic countries and the Baltic states. It comprises five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden, along with three Baltic states: Estonia, Latvia, and Lithuania.
• The group shares historical, cultural, and geographical ties, fostering collaboration and cooperation in various fields, including politics, economics, trade, security, and culture.

Key Highlights:
Sustainable Food Systems
• Discussions centered on transforming food systems for sustainability. Focus on sharing experiences, innovations, and best practices between India and the Nordic-Baltic nations.

Blue Economy Management
• Emphasis on efficient Blue Economy management. Objectives included enhancing Global Supply Chain Resilience, promoting sustainable marine practices, encouraging innovation, and fostering maritime cooperation.

Renewable Energy Integration
• Deliberations centered around India's push for Renewable Energy integration, identifying resources, policy support, energy storage, and advanced technology initiatives. The aim was to seek support from innovative Nordic-Baltic economies in identifying and implementing clean energy-related technologies.

Technological Advancements
• Collaboration discussions on leveraging AI, IoT, and smart manufacturing in the manufacturing sector. Exploring ways to contribute to India’s goal of becoming a developed nation by 2047.

Green Financing for Climate Action
• The conclave highlighted the significance of climate finance in achieving green and sustainable transitions.

IT and AI Cooperation
• Emphasis on exploring cooperation in leveraging IT and AI to address societal challenges. Discussions on skill development initiatives for inclusive AI and IT growth.

Economic relations Between India and Nordic-Baltic Countries:
• Cumulative FDI from Nordic countries has surpassed significant figures, indicating robust mutual investment interests. Cumulative FDI from 2000 to 2023 stands at USD 4.69 billion.
• India’s combined trade in goods with the Nordic-Baltic (NB8) countries is approximately USD 7.3 billion.
• Specific collaborations and partnerships have been established in various domains. For example, 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.
• Potential collaboration in space technology, geospatial sectors, and polar and climate research. Discussions around joint research projects and opportunities in the Arctic and Antarctic regions.