Nordic Baltic Eight (NB8) is a regional cooperation format that includes Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The NB8 is an innovation and technological powerhouse, while India, with its increasingly strong focus on technology, offers immense opportunities for partnerships.
There is significant scope for future growth between the two geographies.
There is a vast opportunity for Indian industry to form partnerships & JVs and enter into technology transfer agreements between institutions and enterprises in NB8. India's need for greater market knowledge, information on specific procedures, compliance norms, and more can be met through the NB8 region.
Nordic-Baltic investors are optimistic about India's medium-term growth prospects.
The “CII India Nordic Baltic Business Conclave” in New Delhi on November 22-23 will focus on bringing together various stakeholders, facilitate dialogue on key focus sectors, building new business partnerships, laying the groundwork for potential policy changes, and creating opportunities to facilitate these partnerships.
The first CII India-Nordic-Baltic Conclave was held in November 2020 over virtual platform.
Nordic countries are members of the European Union (except Iceland and Norway which are members of EFTA). Nordic countries collectively represent an economy of more than USD 2.012 trillion with a population of just above 27 million allowing a very high standard of living.
Nordic countries enjoy high GDP per capita (Norway -USD 1,02,053; Denmark -USD 64,755; Iceland -USD 55,872; Sweden -USD 57,598 and Finland -USD 53,655) and rank high in Human Development Index (Norway – 2nd, Iceland — 4th, Sweden -7th, Denmark -6th, Finland –11th).