CII Business Conclave: India-Nordic-Baltic
CII Business Conclave: India-Nordic-Baltic
The countries that make up the Nordic
Baltic Eight (NB8)—Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
Norway, and Sweden—are leaders in innovation and technology. Given India's
growing focus on technology, there are a lot of chances for collaboration
between the two regions, which bode well for major future growth.
Examining Partnerships: Potential for the Indian Sector
Indian industry have a great deal of opportunity in the NB8 region to form alliances, joint ventures (JVs), and technology transfer agreements with local businesses and institutions. The NB8 region provides a significant resource by satisfying India's need for market expertise, insights into particular procedures, compliance regulations, and more.
Investing with Hope: NB8 Investors and India's Future Growth
Opportunities
Investors from the Nordic and Baltic regions are upbeat about
India's medium-term growth potential. The "CII India Nordic Baltic
Business Conclave," which is slated to take place in New Delhi on November
22–23, is expected to investigate the possibility of collaboration. The
conclave seeks to establish new corporate alliances, encourage discussions on
important emphasis areas, gather stakeholders, provide the foundation for
future policy changes, and provide chances for cooperation. With the success of
the first CII India-Nordic-Baltic Conclave, which took place virtually in
November 2020, this year's event follows suit.
Nordic Powerhouses: The Combined Effect of the Countries
The 27 million people who live in the Nordic countries, which
are members of the European Union and the European Free Trade Area, have
excellent standards of living and an economy that is valued at more than USD
2.012 trillion. These nations rank well in the Human Development Index and have
high GDP per capita. The Nordic nations are economic giants and leaders in
innovation, sustainable development, clean technology, and renewable energy.
Diplomatic dynamism: India-Nordic Cooperations
India's relations with the Nordic nations have intensified as
a result of summits and established frameworks. Diplomatic relations have been
reinforced by Prime Minister Narendra Modi's trips to Stockholm and Copenhagen,
as well as by online summits and high-level bilateral meetings.
Trade, Investments, and Presence in the Economy
In 2021–2022, trade in goods reached USD 8.036 billion
between India and the NB8 nations, while total FDI from these countries came to
USD 4.307 billion. Almost 150 Indian enterprises are present in the NB8 region,
and over 700 NB8 companies—mostly from Sweden—operate in India.
Innovative Technologies: Cooperation in Specialized Fields
The NB8 nations are at the forefront of specialized
technology, such as cyber technologies, digitalization, renewable energy, AI,
e-mobility, and maritime solutions. The breadth of interaction is further
demonstrated by cooperative projects like the sustainability and digital
partnerships, as well as the Denmark-India Green Strategic Partnership.
Expanding Indian Community: Existence in the NB8 Area
In the NB8 region, there are about 1,33,495 Indian residents, and 3,500 Indian students attend different universities in the NB8 nations
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