Indian Economy News

India, Nordic nations deepen strategic partnership at Third India-Nordic Summit in Oslo

India and the Nordic countries reaffirmed their commitment to building a future-oriented strategic partnership during the Third India-Nordic Summit held in Oslo on May 19. Leaders from India, Denmark, Finland, Iceland, Norway and Sweden agreed to deepen cooperation in green technology, renewable energy, climate action, digital infrastructure, Arctic research, maritime security and resilient economic growth. The summit marked a significant step towards establishing a Green Technology and Innovation Strategic Partnership focused on clean energy transitions, sustainable manufacturing, green hydrogen, water management, waste recycling and smart infrastructure development. Nordic countries bring advanced technological expertise and sustainability models, while India offers a large market, manufacturing strength, skilled workforce and rapidly expanding digital ecosystem. Both sides also highlighted the importance of digital governance and emerging technologies in driving inclusive and sustainable development.

The summit further strengthened cooperation in the blue economy, defence manufacturing, cybersecurity, education, STEM research and talent mobility. India and Nordic countries recognised Arctic research as strategically important due to its impact on climate systems, monsoon patterns, food security and environmental sustainability. Economic ties have also expanded significantly, with India-Sweden bilateral trade reaching nearly Rs. 58,577.4 crore (US$ 7 billion) in 2024, while India-Denmark trade crossed Rs. 17,431.8 crore (US$ 2 billion) in goods and Rs. 37,042.57 crore (US$ 4.25 billion) in services in 2025. Leaders also welcomed the India-EFTA Trade and Economic Partnership Agreement, which is expected to improve market access, investments and employment opportunities while strengthening long-term economic integration and innovation-driven collaboration.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.