PM Modi discusses ways to boost bilateral ties with counterparts from Iceland, Finland, Denmark

Oslo: Prime Minister Narendra Modi on Tuesday discussed ways to further strengthen bilateral ties in areas such as trade and renewable energy during separate meetings with his counterparts from Iceland, Finland and Denmark.

PM Modi held the meetings ahead of the 3rd India-Nordic Summit.

During his talks with Iceland Prime Minister Kristrun Frostadottir, Finland Prime Minister Petteri Orpo and Denmark Prime Minister Mette Frederiksen, PM Modi discussed the overall trajectory of bilateral relations between India and the three Nordic nations.

The Nordic countries refer to a geopolitical and cultural region in Northern Europe and the North Atlantic. It comprises Denmark, Finland, Iceland, Norway and Sweden.

The five Nordic nations boast a combined GDP exceeding USD 1.9 trillion, and they lead global benchmarks in renewable energy and sustainable ocean governance.

Oslo is hosting the 3rd India-Nordic Summit, bringing together Modi and the leaders of Norway, Denmark, Finland, Iceland and Sweden.

The summit, to be held later in the day, is expected to build on the previous India-Nordic Summits held in Stockholm in 2018 and Copenhagen in 2022 and impart a greater strategic dimension to India's engagement with the Nordic countries in areas such as technology and innovation, green transition and renewable energy, sustainability, blue economy, defence, space and the Arctic, officials said.

Modi arrived in Norway from Sweden on Monday as part of his five-nation tour.

The prime minister is on a tour of the UAE, the Netherlands, Sweden, Norway and Italy from May 15-20. From Norway, Modi will travel to Italy in the final leg of his visit.

According to the website of the Indian Embassy in Reykjavik, India and Iceland share close cultural ties, with Icelanders showing keen interest in Indian culture, including yoga, classical music, dance, films and cuisine. Around 600 Indian nationals are currently living in Iceland.

The two countries also maintain strong business partnerships with Icelandic firms such as Ossur, Verkís, Alvotech and Marel, having a presence in India.

The bilateral economic partnership received a boost after the signing of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) in New Delhi in March 2024. Iceland is one of the four EFTA members, along with Switzerland, Liechtenstein and Norway.

As per the Indian Embassy's website in Helsinki, over 100 Finnish companies have operations in India. Large Finnish companies like Nokia, Kone Elevators, Metso Outotec, Wartsila, UPM, Lindstrom, Fortum, Ahlstrom, and Elcoteq have manufacturing facilities in India.

There are approximately 33,445 persons of Indian origin living in Finland, comprising around 15,115 Non-Resident Indians (NRIs) and 18,330 Overseas Citizens of India (OCIs). Around 2,400 Indian students are pursuing their higher education in Finnish universities.

Around 200 Danish companies have invested in India in sectors such as shipping, renewable energy, environment, agriculture, food processing and smart urban development, according to the Indian Embassy in Copenhagen.

Several major Danish companies have built new manufacturing factories under the ‘Make in India’ scheme. Major investing companies from Denmark include the Danish shipping giant, AP Moller-Maersk Group, carrying about 19 per cent of India’s container trade.

The size of the Indian community in Denmark is around 22,000. These include IT professionals, doctors, engineers, finance and banking professionals, academics and students.