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.
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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).
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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.
Additional Information:
About The Nordic region:
- The Nordic region, also known as the Nordic countries, is a geographical and cultural region in northern Europe that includes five countries: Denmark, Finland, Iceland, Norway, and Sweden.
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News Source: The Hindu