Context: 

The Nordic countries are ready to offer their technologies and expertise to India as it moves towards a green, digital, and innovative future.

Tackling Challenges with Collaboration:

• Nordic countries have been at the forefront of developing new green technologies and solutions such as hydrogen, offshore wind, batteries and carbon capture and storage.
• Together, the Nordics and India can deliver key technologies and solutions to stop climate change and boost green growth.

Connecting with India:

• Cooperation in Various Fields like digitalisation, renewable energy, maritime industries, and the circular economy can be established. 

Trade links:

• The past year has seen a significant rise in trade and investments between Finland and India.

• Trade between Norway and India has doubled in the last three years. The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion). 

•  New Climate Investment Fund:The Norwegian government has also recently established a new Climate Investment Fund for investments in renewables abroad, and India has been defined as a focus country. 

Untapped potential:

• Both Norway and Finland have ongoing free trade agreements and investments negotiations (FTA) with India. 
• Finland, as a member of the European Union (EU), is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.

Conclusion:

• Together, the Nordics and India can be the powerhouse of the green transition globally with mutually sharing experiences & collaborating in offering expertise.

                                                                                                                    News Source: The Hindu

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