India-Nordic-Baltic countries first Conclave was held virtually on 5 November 2020. Subrahmanyam Jaishankar Minister of External Affairs represented India at conclave.
Tri Conclave was jointly hosted by Foreign Affairs Ministry and Confederation of Indian Industry (CII). The First Conclave focused on clean technologies and renewable energies, AI, supply chain logistics and block chain led transformation.
The Nordic Baltic 8 includes
The Baltic countries are
These 3 countries are located in the Baltic sea and are fast growing economies.
Importance Baltic Countries for India
- Lithuania (Republic of Lithuania) has high expertise in LASER technology. The LASER related products have become the most important part of Lithuania’s trade with India.
- Latvia is geopolitically important to India. Country is linked by an ancient route called “Amber Way”. The route was earlier used to transport amber from the coastal regions of Baltic Sea and North Sea to the Mediterranean Sea. Also, Latvia connects the Baltic region with the rest of Europe, Russia and Central Asia. Thus, it helps Indian exports reach these markets easily.
- Estonia is home to NATO Cooperative Cyber Defence Centre of Excellence (CoE). Thus, India can benefit largely in cyber security areas from the country.
The Nordic countries are Finland, Norway, Sweden, Iceland and Denmark. In 2018, The first India-Nordic Summit was held in Stockholm. PM Modi will be the first Indian PM to visit Stockholm since 1988. The summit focused on security, climate change and economic growth.
In 1952, Nordic Council was established. The headquarters of the Nordic Council is located in Denmark’s Copenhagen. Council provides a link between governments, parliaments of Nordic states. Nordic council Members are
In 1955, Finland was the fifth state to Join Nordic Council.
As of 2017, India’s trade with the Nordic countries stands at around $5.3 billion. The Cumulative Foreign Direct Investment to India stands at $2.5 billion. India and Nordic countries could cooperate in the fields of Innovation, Research and development, Economical and technological advancement and in Fishing sector from storing, to refrigerating, to marketing and to exporting. India-Nordic-Baltic First Conclave held