India-Nordic-Baltic Nations explore strengths and opportunities for a greener more digital growth

The Ministry of External Affairs and the Confederation of Indian Industry (CII) jointly hosted the India-Nordic-Baltic Conclave to strengthen the relations between these regions.

November 10, 2020

On November 5, 2020, India and the Nordic-Baltic nations explored the strengths and opportunities to expand their relationship.

In this conclave, emphasis was given to RE and clean tech, AI, fintech, data and cybersecurity, and developing the blue economy.

Nordic countries are the most innovative and sustainable economies in the world, and Baltic nations are global leaders in niche tech.

Under the theme of “An Innovation-driven Partnership for Growth in a New World” let's work towards a greener, smarter and more digital growth.

The Ministry of External Affairs of India and the Confederation of Indian Industry (CII) organised an India-Nordic-Baltic Conclave on 5th November, 2020, where the two nations discussed the areas of strength and expertise of the Nordic-Baltic region and opportunities that India has to offer. Under the theme of “An Innovation-driven Partnership for Growth in a New World”, the Conclave discussed renewable energy and clean technologies, and the factories of the future, on AI and blockchain-led transformation, on supply chain and logistics and on fintech. Special focus was given to infrastructure as well as data and cyber security. A latent importance was also given to engineering and innovation and common maritime interests advocating the importance of developing the blue economy.

The Nordic countries are among the most innovative and sustainable economies in the world. Along with the Baltic nations, global leaders in niche technologies, they form a technological powerhouse strengthening the competitiveness and sustainability of businesses, industries, society etc.Close collaboration between research institutes and the private and public sectors is the main approach in these countries.  While the larger companies in the region have already forayed into India, there exist vast opportunities for Indian industry to form partnerships/JVs/technology transfer agreements with the small and medium enterprises (SMEs) in the region. Companies like Nordea, a leading financial services group in the Nordic and Baltic region, along with peers Svenska Handelsbanken and SEB, are planning to offshore technology work to India. Similarly, Indian tech companies like TCS, HCL, L&T Infotech, Wipro, Infosys, and Cognizant are in discussion with Nordic customers for outsourcing contracts. 

The current COVID-19 pandemic has encouraged businesses to think about their continuity and to rapidly innovate and redefine their business models. Several new and emerging technologies such as digitally enabled automation, AI, IoT, Industry 4.0 are becoming the primary drivers of the new normal. Reforms undertaken in Indian sectors like labour, agriculture and education combined with creation of start-ups and promoting skill will indeed lead to broader and smoother pathways for international collaboration.
India and the Nordic-Baltic nations have much in common. Their shared values give them a similar outlook towards global challenges and opportunities, which has helped establish substantial trade and investment relationship. With economic recovery being the primary focus of every nation, resilient global supply chains are the need of the hour ensuring that this recovery and growth is greener, smarter, more digital, and sustainable.

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