The second India Nordic summit was held at Copenhagen, Denmark on 4 May 2022.
The first India-Nordic summit was held in Stockholm in 2018.
Prime Minister Shri Narendra Modi participated in the 2nd India-Nordic Summit along with Prime Minister Mette Frederiksen of Denmark, Prime Minister Katrín Jakobsdóttir of Iceland, Prime Minister Jonas Gahr Store of Norway, Prime Minister Magdalena Andersson of Sweden and Prime Minister Sanna Marin of Finland.
Discussions were held on key issues related to international peace and security, including the War in Ukraine, multilateral cooperation, green transition and climate change, the blue economy, innovation and digitalisation.
The participants of the summit agreed to work together to fight and address climate change and to protect the natural environment in accordance with the Paris Agreement, the forthcoming Global Biodiversity Framework and the United Nations Sustainable Development Goals.
India sought investments from the Nordic countries on Blue Economy, especially in India’s Sagarmala project.
What is the Blue Economy?
Blue Economy means to harness long-term benefits of the Sustainable Use of Marine Resources. The “blue economy” concept seeks to promote economic growth, social inclusion, and the preservation or improvement of livelihoods while at the same time ensuring environmental sustainability of the oceans and coastal areas.
According to the World Bank, the blue economy is the “sustainable use of ocean resources
for economic growth, improved livelihoods, and jobs while preserving the health of ocean
Sagar means ocean and mala is garland. Sagarmala project is to garland the seas. Approximately 95 % of India’s merchandise trade (by volume) passes through sea ports. Sagarmala projects aims to enhance the capacity of the ports in India by creating better infrastructure and operational facilities. The concept of Sagarmala was approved by the Union Cabinet on 25th March 2015. As part of the programme, a National Perspective Plan (NPP) for the comprehensive development of India’s 7,500 km coastline, 14,500 km of potentially navigable waterways and maritime sector has been prepared which was released by the Hon’ble Prime Minister, on 14th April, 2016 at the Maritime India Summit 2016.
Vision of the Sagarmala Programme is to reduce logistics cost for EXIM and domestic trade with minimal infrastructure investment. This includes:
- Reducing cost of transporting domestic cargo through optimizing modal mix
- Lowering logistics cost of bulk commodities by locating future industrial capacities near the coast
- Improving export competitiveness by developing port proximate discrete manufacturing clusters
- Optimizing time/cost of EXIM container movement
India Nordic Summit 2022 opened up new avenues and fields of interest to the participating countries. The nations also agreed on the universal principles of peace and harmony among the countries of the world. Investment opportunities in India were discussed in the platform. The Prime Ministers agreed that a strong partnership between India and Nordic countries can help promote innovation, economic growth, climate friendly solutions and mutually beneficial trade and investments. The Summit emphasized the importance of strong people-to-people contacts through education, culture, labour mobility and tourism – all areas where the cooperation between India and the Nordic countries are expanding.