 "Jaishankar")
India’s relationship with the Nordic-Baltic countries is promising and the natural synergies between the regions are paving the way for expanding ties, External Affairs Minister S Jaishankar said on Wednesday.
Speaking at the second India Nordic Baltic Business Conclave organised by the Ministry of External Affairs and the Confederation of Indian Industry (CII) in New Delhi, Jaishankar said India and Nordic-Baltic countries (NB8) can join hands to address the challenges of the Global South together.
The ND8 group of nations collectively represent a $2 trillion economy and a population of 33 million. India's total trade with the region stood at $7.3 billion during 2022-23. Historical foreign direct investment stands at $4.65 billion. More than 700 companies from the Nordic region are present in India.
However, the minister said major opportunities remained untapped in trade, investment and tech collaboration in joint research and development projects, rare-earth minerals, and telemedicine.
Jaishankar also flagged the ongoing negotiations on the proposed free-trade agreement (FTA) between India and the European Union as presenting many opportunities for greater collaboration between the regions.
Jaishankar noted the important role played by NB8 as leaders in innovation, startups, tech applications and digital progress.
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India has ramped up its ties with the region in recent years by establishing appropriate institutional frameworks for closer business-to-business cooperation. Embassies were opened in Estonia in December, 2021, and Lithuania in March earlier this year.
New Delhi's focus on the region has also created institutional frameworks for partnerships in digitalisation with Finland; blue economy, wind energy and polar studies with Norway; geothermal energy with Iceland; and defence with Sweden. Direct flights between India-Finland and India-Denmark have also begun.
Jaishankar said a resident embassy will be opened very soon in Latvia.
