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Modi seeks Nordic investments in Blue Economy; invites sovereign wealth funds

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Even as the situation in Ukraine figured during Prime Minister Narendra Modi’s meeting with his counterparts from Nordic countries and during the second India-Nordic summit, investments by Nordic companies for India’s Blue economy and from sovereign wealth funds were sought by the Indian leader.

Modi and Prime Ministers of Denmark, Iceland, Finland, Sweden and Norway participated in India-Nordic Summit at Christiansborg Palace in Copenhagen, Denmark on Wednesday.

Addressing a special briefing on the PM’s Visit to Denmark, Foreign Secretary Vinay Mohan Kwatra said the leaders also discussed the Indo-Pacific situation.

“Both in the bilateral conversation and in the summit meeting also, the leaders did exchange views on matters of regional and global interest that naturally included Ukraine also. There were also discussions on the Indo-Pacific,” he said.

Discussions were also held on cooperation in maritime sector with a focus on sustainable ocean management. The Prime Minister invited Nordic companies for investing in the Blue Economy sector, especially in India’s Sagarmala project. The five Prime Ministers agreed that the blue economy can deliver economic growth, new jobs, improved nutrition, and increased food security, if managed sustainably, according to a joint statement issued after the summit.

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

The Prime Minister invited the sovereign wealth funds of the Nordic countries to invest in India. Discussions were held on multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalization, and green and clean growth, officials informed.

The Prime Ministers agreed to work together to fight and address climate change and to protect the natural environment in accordance with the Paris Agreement.

The summit was held shortly after PM Modi held separate bilateral meetings with the Nordic leaders. “Each Nordic country has a specific capacity which relates to the entire dimension of green and sustainable growth. And I think depending upon the strength of each of the countries, our bilateral mechanisms will shape a particular process which carries forward those capacities. So for example, in case of Denmark, as you would have heard yesterday, India and Denmark have entered into green strategic partnership. If you look at Norway, there are elements relating to green shipping, blue economy. Similarly, likewise with the other Nordic countries, also, I think the effort is more on how best to optimize the strength of each Nordic country in a given area of the green domain, and then link it to the opportunities and the cooperative possibilities in India. And I think each country is structured bilaterally differently on that one,” Kwatra noted.

The first India-Nordic summit took place in Stockholm, Sweden in 2018. The Stockholm Summit was the first time India engaged with the Nordic countries as a group on a single platform.