India’s trade with Nordic nations stood at $19 billion in 2024, with a strong private sector presence on both sides, leaders noted at the third India-Nordic Summit in Oslo. Major Nordic companies including Finnish Nokia, Swedish Volvo and IKEA maintain significant operations in Indian markets.
Prime Minister Narendra Modi joined counterparts from Norway, Denmark, Finland, Iceland and Sweden to deepen economic ties under a new Green Technology and Innovation Strategic Partnership. Business delegations held parallel meetings to explore deals in renewables, pharmaceuticals and digital services.
The joint statement welcomed the India-EU free trade agreement conclusion and the India-EFTA Trade and Economic Partnership Agreement as tools to expand market access. Leaders stressed diversifying critical value chains and opening new markets for sustainable growth.
Indian shipyards build vessels accounting for a notable share of Norwegian Shipowners Association order books, underscoring maritime links discussed at the summit. Cooperation on blue economy, Arctic affairs and space technology complemented traditional trade in goods and services. Nordic investment in India spans manufacturing, retail and telecommunications, while Indian IT and engineering firms grow Nordic footprints.
Officials said continued business exchanges are needed to identify projects aligned with climate and innovation goals. Geopolitical stability in the Indo-Pacific and Europe featured in economic discussions, with leaders condemning terrorism and supporting UN reform. The summit communique placed trade alongside security cooperation, reflecting India’s pivot toward Northern Europe as a partner in green transition.
The $19 billion trade figure includes goods and services exchanged with Norway, Denmark, Finland, Iceland and Sweden collectively. Indian officials want to grow figures further using free trade agreements with the EU and EFTA that reduce barriers. Maritime cooperation featured prominently because Nordic nations are leading shipping economies and India is expanding shipbuilding capacity. Joint statements also welcomed India’s AI governance summit and democratic technology principles. Modi’s Oslo visit followed earlier India-Nordic meetings in Copenhagen and Stockholm, showing continuity across administrations. Opposition politicians at home debated whether trade gains reach small enterprises or concentrate among large conglomerates. Export credit agencies from Nordic countries attended Oslo business forums to support green hydrogen and offshore wind supply chain deals with Indian partners.
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Sources:
https://www.aljazeera.com/news/2026/5/19/india-nordic-summit-why-is-modi-wooing-northern-europe