PM Modi calls upon Nordic countries to invest in India's blue economy sector

Prime Minister Narendra Modi on Wednesday called upon Denmark, Finland, Sweden, Iceland and Norway to invest in the ambitious Sagarmala Project in India.

The prime minister invited the sovereign wealth funds of the Nordic countries to invest in India. He noted that India’s Arctic Policy provides a good framework for the expansion of India-Nordic cooperation in the region.

Modi joined Prime Minister Mette Frederiksen of Denmark, Prime Minister Katrín Jakobsdóttir of Iceland, Prime Minister Jonas Gahr Støre of Norway, Prime Minister Magdalena Andersson of Sweden and Prime Minister Sanna Marin of Finland to hold the second India-Nordic summit in Copenhagen.

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He invited the Nordic companies for investing in India, particularly in the blue economy sector and the Sagarmala Project, which was launched in March 2015 to harness India’s 7,500 km long coastline, 14,500 km of potentially navigable waterways and strategic location on key international maritime trade routes.

The prime minister and the leaders of the five North European nations emphasised the importance of cooperation in green technologies and industry transition transport systems, including aviation knowledge exchange, maritime solutions and port-modernisation were important for enhancing trade between the Nordic countries and India.

“There was a shared interest in stimulating investment in innovative and sustainable solutions as well as identifying new opportunities in sectors such as food processing and agriculture, health projects and life science,” according to a joint statement issued after the summit.

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The first India-Nordic summit was held in Stockholm in 2018.

The leaders discussed the potential of stimulating business cooperation and investments in sustainable ocean industries in India and the Nordic countries, including in the maritime, marine, and offshore wind sectors.

India and the Nordic countries were committed to following up on the historic decision at the United Nations Environment Assembly for negotiating an international legally binding instrument to end plastic pollution with an ambition to complete the work by 2024.

The prime ministers affirmed their strong commitment to multilateralism and international cooperation. The leaders agreed that pressing challenges such as tackling climate change, the Covid-19 pandemic, biodiversity loss and increasing food and energy insecurity across the world required international cooperation, a collective response and global solidarity.

“India and the Nordic countries are committed to doing so and to working together in multilateral fora to promote international cooperation and promote human rights as well as equal opportunities for all people without prejudice,” according to the joint statement.

Modi also had bilateral meetings with the five prime ministers ahead of the summit.