India-NB8 Meet Sparks Global Tech & Green Talks

India-Nordic-Baltic Eight (NB8)

The India-Nordic-Baltic Eight (NB8) meeting was held on the sidelines of the Raisina Dialogue in New Delhi on February 22, 2024. This high-level meeting brought together key stakeholders from India and the NB8 countries – Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden – to discuss areas of mutual interest and potential collaboration.

Nordic countries tops GDP per capita charts (Norway -USD 1,02,053; Denmark -USD 64,755; Iceland -USD 55,872; Sweden -USD 57,598 and Finland -USD 53,655) and are always at top in Human Development Index (Norway – 2nd, Iceland – 4th, Sweden -7th, Denmark -6th, Finland –11th). Nordic countries are among leaders in innovation, clean technology, renewable energy and sustainability.

The NB8 meeting is significant in the context of evolving global geopolitics and the changing world order. As major powers realign their priorities and partnerships, groupings like the NB8 allow smaller countries to coordinate their policies and leverage their partnerships for mutual benefit.

What is the India-Nordic-Baltic Eight (NB8) Meeting?

The India-Nordic-Baltic Eight (NB8) meeting held between India and the eight Nordic-Baltic countries, on the sidelines of the Raisina Dialogue.

The NB8 bloc comprises the five Nordic nations of Denmark, Finland, Iceland, Norway and Sweden along with the three Baltic states of Estonia, Latvia and Lithuania. The Nordic countries have historical ties and share common values of democracy, transparency, innovation and sustainability. The Baltic nations have their own unique identity and worldview shaped by history, bringing their expertise in areas like ICT, digitization and cyber technologies.

The NB8 platform was set up in 1992 to foster coordination among the Nordic and Baltic countries. The India-NB8 meetings, initiated in 2020, aim to expand the scope of this regional cooperation to building partnerships with India across sectors like trade, investments, security and technology transfers.

Why is the India-NB8 Meeting Significant?

Strategic Importance of the Nordic-Baltic Region

The Nordic and Baltic nations have built robust economies focused on innovation, technology and building knowledge societies, with the Nordic countries spending over 3% of GDP on R&D and ranking among the world’s top innovators. Their push towards sustainable models of growth also aligns with India’s development priorities.

India recognizes the Nordic-Baltic region’s significance in the changing global order. Engaging with the NB8 enables India to develop partnerships with technologically advanced nations that share its values of democracy, transparency and rules-based order.

It also strengthens India’s position in the Baltic Sea region where China is also attempting to expand its footprint through trade and infrastructure projects, with total trade between India and the Baltic countries witnessing a 19 percent growth in 2022-23 over the previous year.

Key Areas of Collaboration

The India-NB8 meeting focused on green technologies, cyber security and regional cooperation as the main pillars of engagement.

Green Technology Cooperation

India highlighted cooperation on renewable energy, sustainable technologies and knowledge sharing as key priority areas. The NB8 countries possess expertise in smart grid integration, waste to energy solutions and clean technologies that can support India’s renewable energy goals. For example, Sweden is a global leader in waste management and waste-to-energy incineration, with 34 plants processing over 2 million tons of waste annually.

Joint R&D projects, training programs and technology transfers in areas like offshore wind energy, smart grid integration and waste management systems were discussed. These partnerships can enable both sides to develop affordable and scalable solutions for wider deployment.

Cyber Security and Digital Cooperation

Enhancing cyber security cooperation by safeguarding critical information infrastructure, combating cybercrime and securing emerging technologies like 5G and IoT networks was another key area discussed.

India invited investments from Nordic-Baltic countries to help build robust cyber security products and services ecosystem. The Nordic-Baltic region is known for its leadership in areas like digitization, maritime solutions, renewable energy, and cyber security.

The Nordic-Baltic region’s cyber security expertise is highlighted by Estonia being designated as NATO’s Cooperative Cyber Defence Centre of Excellence.

Regional Security

The NB8 countries highlighted their vision for a rules-based regional security architecture for the Baltic Sea region built on respect for sovereignty, freedom of navigation and peaceful resolution of disputes.

Both sides expressed commitment to strengthen cooperation on maritime security, including information sharing on threats like piracy, smuggling and climate risks.

Economic Implications of India-NB8 Cooperation

India-NB8 cooperation aims to unleash the full potential of economic ties by boosting trade volumes, investments, innovation partnerships and skills development.

Trade and Investment Flows

India’s combined trade in Goods & Services as per NB 8 countries statistics is US $ 18.07 billion, the cumulative FDI received from NB8 countries by India (from April 2000 -December 2022) is US $ 4.307 billion (Source: DPIIT). More than 700 NB 8 companies (maximum from Sweden) are present in India and close to 150 Indian companies have presence in the NB8 region.

The NB8 is home to major port infrastructure and shipping companies that can play a key role in developing new logistical routes between India and Europe/Arctic region.

Innovation and Skills Development

The knowledge economies of Nordic-Baltic nations offer immense scope for bilateral innovation partnerships with India in areas like circular economy, smart cities, e-governance platforms, and space applications.

The BioBaltic project, aimed at deepening Nordic-Baltic cooperation around the bio-circular economy, highlights the potential for such partnerships, especially in leveraging biological and renewable resources for economic growth.

Regional Security Cooperation: India-NB8 Cooperation

Coordinated Approach to Regional Security

The NB8 countries have a common perspective on the regional security architecture required to ensure stability and rule of law in the Baltic Sea region.

They emphasized the need to update NATO’s Baltic Sea maritime strategy to account for new threats like hybrid warfare, disruptive technologies and climate risks. India supported their outlook to build a rules-based regional order based on freedom of navigation and peaceful resolution of disputes.

India’s Role in Promoting Regional Stability

As a responsible global power, India is committed to promoting open and secure seas globally through inclusive frameworks like the Indo-Pacific Oceans Initiative and the Indian Ocean Rim Association.

India’s partnerships with the NB8 bloc, including information sharing, coordinated patrols, joint exercises and capacity building efforts will be crucial to advancing shared goals of maritime security, countering terrorism and mitigating climate risks.

Final Thoughts

In conclusion, the India-NB8 meeting on the sidelines of the high-profile Raisina Dialogue signals an ambitious agenda for strengthening cooperation between India and the Nordic-Baltic countries.