India and Iceland are collaborating closely on tapping geothermal energy in Ladakh and Himachal Pradesh. External Affairs Minister S Jaishankar, in New Delhi, revealed plans for similar projects in Northeast India.
During the India-Nordic Baltic Conclave, Jaishankar in his opening address highlighted efforts to establish a Centre for Excellence in cold and warm water fisheries. He underlined strong cooperation with Norway in harnessing the potential of the blue economy, wind, geothermal energy, polar studies, green shipping, water management, space, and health.
The minister said that India seeks expanded cooperation with Baltic nations in e-governance, cyberspace, the internet of things, startups, defence technology, supply chain, and logistics.
According to him, the Swedish defence major SAAB is planning to soon set up a manufacturing facility in India, with over 260 Swedish companies active in innovation, construction, defence, and clean technology.
To meet the ambitious target of 450 gigawatts of renewable energy capacities by 2030, India’s sector expects investments worth US$ 200 billion.
The CII notes India’s food processing sectors potentially attracting up to US$ 33 billion in the next decade. The Sagarmala program envisions port-led development with over 600 projects.
Minister Jaishankar emphasized that there is investment, trade, tech collaboration opportunities, and the exchange of expertise for NB8 countries. Fisheries growth is a natural domain for collaboration, he stated.
India & Arctic Council
Jaishankar said that India, as an Arctic Council observer, aims to increase its involvement in joint research and development projects, exploring opportunities in rare earth mining, water, telecommunication, science, technology, innovation, and telemedicine.
Given India’s scientific engagement in the Antarctic, a more expansive Indian and Nordic collaboration in polar and climate research is deemed helpful.
Space
Post the successful Chandrayaan-3 moon landing, India’s space program presents new collaboration opportunities with NB8. Space technology’s transformative nature and the significance of launching sites in the Arctic can boost public-private collaboration.
Global South
According to him, India and NB8 can collaborate in advancing the Global Biofuel Alliance. Some NB8 countries already have extensive development programs in Africa, and the ITEC program can facilitate further collaboration.
Migration & Mobility
Efforts extend beyond trade, investments, and technology to smooth skill and talent movement between India and Europe. The 13th India-EU Summit adopted a joint declaration on migration and mobility, with a high-level dialogue in place.
India has concluded agreements with Germany, Italy, France, Portugal, and Austria, making progress in negotiations with Denmark and Finland. Ministers urge NB8 countries to consider its significance in the knowledge economy era.
India-EU FTA
Ongoing India-EU FTA and EFTA-TEPA negotiations show positive developments. The India-EU Trade and Technology Council could strengthen India-NB8 cooperation in critical technologies and ensure supply chain restructuring.
