India-Nordic Summit: PM Modi Invites Nordic Firms to Invest in India’s Blue Economy

Prime Minister Narendra Modi invited Nordic companies to invest in India's "Blue Economy" on Wednesday. Nordic companies are from countries such as Denmark, Iceland, Norway, Sweden, and Finland, and Blue Economy refers to economic activities based on water sources such as fisheries.

Modi attended the second India-Nordic Summit alongside Danish Prime Minister Mette Frederiksen, Icelandic Prime Minister Katrin Jakobsdóttir, Norwegian Prime Minister Jonas Gahr Støre, Swedish Prime Minister Magdalena Andersson, and Finnish Prime Minister Sanna Marin. The meeting was held in Copenhagen.

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

"The leaders discussed the potential for fostering business cooperation and investment in sustainable ocean industries in India and the Nordic countries, including the maritime, marine, and offshore wind sectors." India and the Nordic countries pledged to follow through on the historic decision made at UNEA 5.2 to negotiate an international legally binding instrument to end plastic pollution, with the goal of completing the work by 2024,” the statement said.

It also stated that the Prime Ministers were deeply concerned about the ongoing humanitarian crisis in Ukraine. They strongly condemned civilian deaths in Ukraine and called for an immediate cessation of hostilities.

"They emphasized that the modern global order is based on the UN Charter, international law, and respect for state sovereignty and territorial integrity." They discussed the conflict in Ukraine's destabilizing effect, as well as its broader regional and global implications. "Both parties agreed to keep working on the issue closely," it said.

The summit provided an opportunity to assess the progress of India-Nordic relations since the first India-Nordic Summit in Stockholm in 2018. Multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalization, and green and clean growth.

The partnership between India and the Nordic region in the Arctic Region was discussed. Prime Minister Modi stated that India's Arctic Policy provides a good framework for the region's expansion of India-Nordic cooperation.

In addition, he invited Nordic sovereign wealth funds to invest in India. On the sidelines of the summit, Modi met with Norway's Prime Minister, Jonas Gahr Støre. This was the first meeting between the two leaders since Prime Minister Støre took office in October 2021.

Both Prime Ministers reviewed ongoing bilateral activities and discussed future areas of cooperation. Modi also met with Iceland's Prime Minister Katrin Jakobsdottir, Sweden's Prime Minister Magdalena Andersson, and Finland's Prime Minister Sanna Marin.