2nd CII (Confederation of Indian Industries) India Nordic-Baltic Business Conclave 2023 was held in New Delhi, aiming to foster collaboration between India and the Nordic Baltic Eight (NB8) countries, known for their prowess in innovation and technology.
Nordic Baltic (NB) 8
- The NB8 is a regional cooperation format that brings together the Nordic countries and the Baltic states.
- It comprises five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden, along with three Baltic states: Estonia, Latvia, and Lithuania.
- The group shares historical, cultural, and geographical ties, fostering collaboration and cooperation in various fields, including politics, economics, trade, security, and culture.
- While the Nordic countries are located in Northern Europe and share similarities in governance, social systems, and values, the Baltic states are situated in Northeastern Europe and have their unique historical backgrounds and geopolitical positioning.
Key Highlights of the Conclave
Food Processing and Sustainability
- Discussions focused on transforming food systems towards sustainability by sharing experiences, innovations, and best practices between India and the Nordic-Baltic nations.
- Collaboration aimed to address global challenges with a holistic approach encompassing economic, social, and environmental dimensions.
Blue Economy and Maritime Cooperation
- Emphasis was placed on efficient management of the Blue Economy to enhance Global Supply Chain Resilience, promote sustainable marine practices, encourage innovation, and foster greater maritime cooperation between India and the Nordic-Baltic countries.
Renewable Energy Integration
- Deliberations centered around India’s push for Renewable Energy integration, identifying resources, policy support, energy storage, and advanced technology initiatives.
- The aim was to seek support from innovative Nordic-Baltic economies in identifying and implementing clean energy-related technologies.
Transition to Industry 5.0
- Collaboration discussions focused on leveraging advanced technologies like AI (Artificial Intelligence), IoT, and smart manufacturing to enhance productivity and efficiency in the manufacturing sector.
- The aim was to explore how cooperation between India and Nordic-Baltic nations could contribute to India’s goal of becoming a developed nation by 2047.
Green Financing for Climate Action
- The conclave highlighted the significance of climate finance in achieving green and sustainable transitions. Discussions aimed at exploring strategies and solutions to drive funding and investments, fostering greater collaboration between India and the Nordic-Baltic countries in advancing climate action.
Information Technology and AI Collaboration
- Emphasis was placed on exploring potential areas of cooperation between India and the Nordic-Baltic countries in leveraging IT and AI to address complex societal challenges. Skill development initiatives were also discussed to enable inclusive AI and IT growth.
Resilient Supply Chain and Logistics
- Discussions revolved around the need to build efficient and resilient supply chains, aligning with India’s Logistics Policy. The conclave aimed to explore how India and the Nordic-Baltic countries could collaborate to strengthen global value chains using technological advancements.