India-Nordic summit: Strengths and opportunities in the backdrop of Ukraine war

New Delhi: Prime Minister Narendra Modi is in Berlin today for the first leg of his “three-day three-nation” tour of Europe. The PM’s first foreign visit this year will see him holding 25 meetings with eight world leaders, around 50 global business figures and hundreds of Indian diaspora members – all in a span of just 65 hours. 

PM Modi’s tour of Germany, Denmark and France comes in the backdrop of the Ukraine crisis that has united much of Europe against Russia. And one of his most significant engagements will be in Copenhagen for the India-Nordic summit on May 4.

The PM is also scheduled to hold bilateral meetings with the leaders of Nordic states on the summit sidelines to review the progress in India’s bilateral relations with them. 

The Nordic states of Denmark, Norway, Sweden, Finland and Iceland have reported increased trade with India in recent years, accompanied by a swelling Indian diaspora. Interestingly, Finland and Norway share borders with Russia and have lately witnessed increasing tensions with Moscow over the Ukraine war. 

The first India-Nordic Summit was held in Stockholm in April 2018. The second summit was scheduled to take place in June 2021, but was postponed amid Covid fears. The significance of this event can be assessed from the fact that the United States is the only other country with which the Nordic countries have summit-level engagement. 

The 2018 India-Nordic Summit reiterated the six countries’ commitment towards global security, economic growth, innovation and climate change. This year’s summit is expected to focus on post-pandemic economic recovery, innovation and technology, climate change and sustainable development, the evolving global security scenario and renewable energy. 

The most important topic of discussion, however, will be the security situation in Europe, which has changed due to Russia’s invasion of Ukraine. That India enjoys good relations with Russia has forced many powerful countries to turn to PM Modi for help in halting the war. 

Over the last few years, the Modi government has stepped up cooperation in hitherto unchartered territories. The Nordic states not just have immense untapped trade potential but also share values similar to India, such as freedom of speech, religion and media; free-market economy; and promotion of gender equality. These countries also rank higher up in innovation, clean energy, green technologies and education – areas that India can take lessons from. 

The Nordic countries together have an economy of more than $1.6 trillion. The total bilateral trade between India and the Nordic states is worth $13 billion. That India is now the third largest global economy and fastest growing major economy also make it a lucrative destination for Nordic investment.