First India-Nordic Summit to boost ties

First India-Nordic Summit to boost ties with 5 nations

Prime Minister Narendra Modi will meet leaders of Sweden, Norway, Finland, Denmark & Iceland for the first India-Nordic Summit in Stockholm on April 17.

About India-Nordic Summit :-

  • Modi will be the first Indian PM to visit Stockholm since 1988.
  • India-Nordic trade $ 5.3 billion in 2016-17, with Cumulative FDI to India at $ 2.5 billion.
  • The six leaders will exchange views on regional and global issues such as environment and climate, trade and investment and discuss areas of future cooperation.
  • This exercise will reflect upon the importance of rule of law in the international order besides attempting to harness the bilateral economic potential.

The Norwegian Sovereign Wealth Fund is probably one of the biggest single investors in India, having invested over $11.7 billion in India at the end of 2017 in 275 different Indian companies and in Indian bonds.The size of the investment is a testimony to the economic potential Norway sees in India.

India-Nordic Summit-Common Values Bind

India-Sweden Ties :-

  • There are 25,000 living in Sweden, with industries like tech in particular attracting skilled labour.
  • Over 170 Swedish companies have invested $1.4 billion since 2000.
  • Around 70 Indian companies have invested in Sweden.
  • India-Sweden annual bilateral trade stands at around $1.8 billion.

About Nordic Countries :- Important

The Nordic countries or the Nordics are a geographical and cultural region in  Northern Europe and the North Atlantic, where they are most commonly known as Norden. The term includes

Nordic Countries

  • Denmark (Including Greenland & Faroe Islands)
  • Finland
  • Iceland
  • Norway
  • Sweden

 

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