Prime Minister Narendra Modi on Wednesday invited Nordic companies to invest in India’s “Blue Economy”.

Nordic companies belong to countries such as Denmark, Iceland, Norway, Sweden and Finland, while Blue Economy refers to water source-based economic activities such as fisheries.

Modi participated in the 2nd India-Nordic Summit with the Prime Minister of Denmark, Mette Frederiksen; Prime Minister of Iceland, Katrín Jakobsdóttir; Prime Minister of Norway, Jonas Gahr Støre; Prime Minister of Sweden, Magdalena Andersson; and Prime Minister of Finland, Sanna Marin. The meeting took place in Copenhagen.

Sustainable growth

According to a joint statement issued post summit, the Prime Ministers agreed that the Blue Economy can deliver economic growth, new jobs, improved nutrition and increased food security, if managed sustainably. As leading ocean nations, India and the Nordic countries agreed on the benefits of partnering on transforming the shipping industry towards a low carbon future through exchange of good practices and technology transfers.

“The leaders discussed the potential of stimulating business cooperation and investments in sustainable ocean industries in India and the Nordic countries, including in the maritime, marine and offshore wind sectors. India and the Nordic countries were committed to follow up on the historic decision at UNEA 5.2 for negotiating an international legally-binding instrument to end plastic pollution, with an ambition to completing the work by 2024,” the statement said.

Ukraine crisis

It also mentioned that the Prime Ministers expressed their serious concern about the ongoing humanitarian crisis in Ukraine. They unequivocally condemned civilian deaths in Ukraine and reiterated the need for an immediate cessation of hostilities.

“They emphasised that the contemporary global order has been built on the UN Charter, international law, and respect for sovereignty and the territorial integrity of States. They discussed the destabilising effect of the conflict in Ukraine and its broader regional and global implications. Both sides agreed to remain closely engaged on the issue,” it said.

The summit provided an opportunity to review the progress of India-Nordic relations since the 1st India-Nordic Summit held in 2018 in Stockholm. Discussions were held on multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalisation, and green and clean growth.

Arctic region

India’s partnership with the Nordic region in the Arctic Region was discussed. Prime Minister Modi noted that India’s Arctic Policy provides a good framework for the expansion of India-Nordic cooperation in the region.

He also invited sovereign wealth funds of the Nordic countries to invest in India.

Bilateral meetings

Earlier, Modi met Jonas Gahr Støre, Prime Minister of Norway, on the sidelines of the summit. This was the first meeting between the two leaders since the assumption of office by Prime Minister Støre in October 2021. Both Prime Ministers reviewed the ongoing activities in bilateral relations and discussed future areas of cooperation. 

Modi also had bilateral meetings with Katrin Jakobsdottir, Prime Minister of Iceland; Magdalena Andersson, Prime Minister of Sweden; and Sanna Marin, Prime Minister of Finland.