2nd CII India Nordic-Baltic Business Conclave 2023

Context:

Recently, the 2nd CII (Confederation of Indian Industries) India Nordic-Baltic Business Conclave 2023 was held in New Delhi, aiming to foster collaboration between India and the Nordic Baltic Eight (NB8) countries, known for their prowess in innovation and technology.

Relevance:

GS II: International Relations

Dimensions of the Article:

1. Nordic Baltic (NB) 8: An Overview
2. Key Highlights of the Conclave: Transforming Collaborations for Sustainability
3. Economic Relations Between India and Nordic-Baltic Countries

Nordic Baltic (NB) 8: An Overview

Regional Cooperation Format:

• The NB8 constitutes a regional cooperation format that unites the Nordic countries and the Baltic states.

Member Countries:

• Nordic Countries: Denmark, Finland, Iceland, Norway, and Sweden.
• Baltic States: Estonia, Latvia, and Lithuania.

Shared Ties:

• The group is characterized by shared historical, cultural, and geographical ties.
• Collaboration spans various domains, including politics, economics, trade, security, and culture.

Nordic Countries:

• Located in Northern Europe, the Nordic countries exhibit similarities in governance, social systems, and values.

Baltic States:

• Situated in Northeastern Europe, the Baltic states (Estonia, Latvia, and Lithuania) have distinct historical backgrounds and geopolitical positioning.

Fostering Cooperation:

• The NB8 framework facilitates collaboration and cooperation among member states for mutual benefit.
• The cooperation encompasses a range of sectors, contributing to regional stability and development.

Geopolitical Significance:

• The alliance’s geopolitical positioning and unity enhance its collective influence and engagement in regional and global affairs.

Comprehensive Engagement:

• NB8 engages in comprehensive discussions and initiatives, reflecting a commitment to addressing shared challenges and advancing common goals.

Key Highlights of the Conclave: Transforming Collaborations for Sustainability

Sustainable Food Systems:

• Discussions centered on transforming food systems for sustainability.
• Focus on sharing experiences, innovations, and best practices between India and the Nordic-Baltic nations.

Holistic Approach:

• Collaboration aimed at addressing global challenges with a holistic approach covering economic, social, and environmental dimensions.

Blue Economy Management:

• Emphasis on efficient Blue Economy management.
• Objectives included enhancing Global Supply Chain Resilience, promoting sustainable marine practices, encouraging innovation, and fostering maritime cooperation.

Renewable Energy Integration:

• Deliberations on India’s push for Renewable Energy integration.
• Focus on identifying resources, policy support, energy storage, and advanced technology initiatives.
• Seeking support from Nordic-Baltic economies for implementing clean energy-related technologies.

Technological Advancements:

• Collaboration discussions on leveraging AI, IoT, and smart manufacturing in the manufacturing sector.
• Exploring ways to contribute to India’s goal of becoming a developed nation by 2047.

Climate Finance for Green Transitions:

• Significance of climate finance in achieving green and sustainable transitions.
• Exploring strategies and solutions to drive funding and investments.
• Fostering collaboration for advancing climate action.

IT and AI Cooperation:

• Emphasis on exploring cooperation in leveraging IT and AI to address societal challenges.
• Discussions on skill development initiatives for inclusive AI and IT growth.

Strengthening Global Value Chains:

• Discussions on building efficient and resilient supply chains.
• Alignment with India’s Logistics Policy.
• Exploring collaboration to strengthen global value chains using technological advancements.

Economic Relations Between India and Nordic-Baltic Countries:

Foreign Direct Investment (FDI):

• Cumulative FDI from Nordic countries has surpassed significant figures, indicating robust mutual investment interests.
• Cumulative FDI from 2000 to 2023 stands at USD 4.69 billion.

Trade in Goods:

• India’s combined trade in goods with the Nordic-Baltic (NB8) countries is approximately USD 7.3 billion.

Corporate Presence:

• Over 700 Nordic companies operate in India.
• Close to 150 Indian companies have established a presence in the Nordic-Baltic region.

Specific Collaborations:

• Established collaborations and partnerships in various domains.
• Examples include sustainability partnerships with Finland, green strategic partnerships with Denmark focusing on water solutions, wind energy, and agriculture, and joint projects with Iceland in harnessing geothermal energy.

Potential Sectors for Collaboration:

• Identification of potential collaboration in sectors like renewable energy, food processing, logistics, IT, AI, maritime cooperation, and blue economy initiatives.
• Alignment of India’s ambitious renewable energy targets with Nordic-Baltic technological expertise offers collaboration opportunities.

High-Tech Collaboration:

• Potential collaboration in space technology, geospatial sectors, and polar and climate research.
• Discussions around joint research projects and opportunities in the Arctic and Antarctic regions.

Global Engagements:

• Active engagement in global partnerships, including India’s participation in the G20.
• Opportunities for collaboration in finding solutions for sustainable growth.
• Exploration of partnerships in joint development projects, particularly in Africa, to expand collective global footprint.

-Source: The Hindu, PIB