India and Nordic Countries Hold Summit: Boosting Strategic and Trade Cooperation

The third India-Nordic Summit took place in Oslo, Norway, on May 20, with Indian Prime Minister Narendra Modi alongside the leaders of five Nordic nations: Norway’s Jonas Gahr Store, Denmark’s Mette Frederiksen, Finland’s Petteri Orpo, Iceland’s Kristrún Frostadottir, and Sweden’s Ulf Kristersson. The event came just months after India and the European Union (EU) signed a free trade agreement, and a year after India inked an economic cooperation pact with Iceland, Liechtenstein, Norway, and Switzerland.

According to a May 11 statement from India’s Ministry of External Affairs, the summit aimed to “bring a more strategic dimension to India’s relationship with the Nordic countries, particularly in technology and innovation, green transition and renewable energy, sustainable development, blue economy, defense, space, and the Arctic.” The leaders were expected to discuss trade, climate change, energy security, and geopolitical issues, including the economic impact of the Russia-Ukraine war and the US-Israel-Iran conflict.

Prime Minister Modi’s trip to Norway marked the first visit by an Indian prime minister in 43 years, since Indira Gandhi’s 1983 journey. In 2024, trade between India and the Nordic countries reached $19 billion. Major Nordic firms such as Finland’s Nokia, Sweden’s Volvo and IKEA have a significant presence in India, while Indian shipyards are building vessels accounting for about 11% of the Norwegian Shipowners’ Association’s orders.

Shairee Malhotra, Deputy Director at the Observer Research Foundation (ORF) in New Delhi, said India would leverage each Nordic nation's strengths: Iceland’s geothermal expertise, Norway’s blue economy and maritime transport, and Sweden’s industrial innovation and defense. “The Nordics are a highly advanced regional bloc of five small countries with a combined GDP of around $2 trillion... They lead in areas closely aligned with India’s development priorities and strategic ambitions,” she noted.

Garima Mohan, a senior fellow at the German Marshall Fund based in Brussels, emphasized the summit’s focus on green technology and innovation, especially amid the crisis in the Strait of Hormuz. “The Iran war has created a major economic and energy security crisis affecting both Europe and India. Managing these impacts will certainly be a big part of discussions,” she said.

Regarding the Arctic, India—despite having no land or sea border with any Arctic nation—has been involved there since February 1920 by signing the Svalbard Treaty. In 2007, it sent a scientific expedition to the Arctic, set up the Himadri research station in 2008, and deployed the IndARC underwater observatory in 2014. India has been an observer of the Arctic Council since 2013 and issued its own Arctic policy in March 2022. Local reports indicate New Delhi hopes to establish an India-Nordic Arctic mechanism at this summit.

On relations with Russia, though the Ukraine war was expected to be discussed as Nordic nations strongly condemn Moscow’s actions, it remains unclear whether they will specifically address India’s current ties with Russia. Ms. Mohan noted: “There are always some differences on India’s relationship with Russia and the Nordic states, but these differences are being actively managed by both sides because the areas of convergence between Europe and India are larger and outweigh those differences.”

Ahead of the Nordic summit, Prime Minister Modi held bilateral talks with Norwegian Prime Minister Store on May 18, upgrading relations to a “Strategic Green Partnership.” Modi also visited Sweden (May 17-18) and the Netherlands (May 15-17) earlier. In the Netherlands, Tata Electronics signed an agreement with ASML to build a major semiconductor plant in western India. However, Dutch Prime Minister Rob Jetten expressed concerns about “press freedom and the rights of minority groups” in India. After the Nordic summit, Prime Minister Modi is set to travel to Italy to meet Prime Minister Giorgia Meloni in Rome.