September 11, 2019
Iceland’s technological prowess and India’s scientific skills could combine to drive the Fourth Industrial Revolution and the machine-intelligence age
India’s transformative growth programmes and next-gen infrastructure projects create many opportunities for Icelandic innovators and investors
India-Iceland have scope to enhance partnership in trade, investment, research, and innovation that target future opportunities and challenges
There is potential for collaboration in pharma, healthcare and biotech space, as well as finance, hospitality and tourism services, among other sectors
Iceland’s technological prowess combined with India’s scientific skills can effectively drive the Fourth Industrial Revolution and the machine-intelligence age, said President of India, Shri Ram Nath Kovind, at the India-Iceland Business Forum in Reykjavik, Iceland, as part of his tri-nation visit to Iceland, Switzerland and Slovenia in September 2019.
With startups in India and Iceland working on revolutionary technologies such as robotics, ecology and marine litter, these areas could serve as potential anchors of future engagement, not only in Iceland and India but also in any other part of the world, he said. In a press statement released after his talks with Iceland President Johannesson, Shri Kovind revealed intent for enhanced economic, technological, and cultural cooperation. He also invited Iceland to join the International Solar Alliance, led by India, alongside 75 other member nations.
At the Business Forum, Present Kovind praised Iceland’s capacity in the fields of geothermal energy, circular economy, financial services, fisheries, food processing, shipping, tourism and innovation, and said Iceland is fast emerging as a pioneer in green technologies as well, be it carbon capture, energy efficient buildings or waste-to-wealth projects. Additionally, India’s transformative growth initiatives and next-generation infrastructure projects facilitate significant opportunities for Icelandic companies, as India strives to learn from Iceland’s economic success.
There is a lot of scope to enhance economic partnership in trade, investment, research, and innovation between the two countries, said President Kovind, adding that India and Iceland share complementary capacities. Despite modest bilateral trade figures currently, Shri Kovind is confident that shared business strengths between the two nations will have a positive effect on these numbers.
Initiatives such as Make In India and Digital India ensure that India’s growing manufacturing capabilities are a key factor in increasing interest from countries looking to improve upon existing foreign trade relations. Iceland will benefit from sourcing manufactured goods, fruits and vegetables, textiles, chemicals, and engineering goods from India. Shri Kovind also recognised the significant opportunities for India and Iceland in the pharma, healthcare and biotech space, while further noting shared interests in finance, hospitality and tourism services.