Indian Prime Minister Narendra Modi and his Danish counterpart, Mette Frederiksen, held a telephonic conversation on April 15. It was then that Modi set the stage for the third India- Nordic summit to be held in May. Discussions between the two aimed at bolstering cooperation across a spectrum of critical areas, including trade, innovation, green transition, climate change, the blue economy, and pressing geopolitical issues like international peace and security. PM Modi will undertake a visit to Oslo on May 15-16, 2025, for the India-Nordic Summit. The third summit since 2018, underscores the deepening strategic importance New Delhi attaches to this unique collective of Northern European nations – Denmark, Finland, Iceland, Norway, and Sweden. Rekindling Nordic Ties While historical connections existed; including early diplomatic recognition, Swedish investments in the 1960s, and Norway’s early assistance to Indian fisheries, India’s relationship with the Nordic bloc remained relatively low-key for decades. Modi’s leadership initiated a significant shift, undertaking a concerted effort to revitalise and strategically elevate these ties. The first India-Nordic Summit in Stockholm in 2018 marked a watershed moment. This event stood out not only for its format – which brought together the leaders of India and all five Nordic nations – but also because it coincided with the first bilateral visit by an Indian Prime Minister to Sweden in 30 years. This summit laid the groundwork and established a framework for regular dialogue and cooperation. In addition, India became only the second country after the US to come together with Sweden, Finland, Norway, Denmark and Iceland on such a large scale. Along the years it has become evident that the Nordics are as interested in India as India is in them, and the two sides are in a position to mutually complement each other. The momentum continued with the second India-Nordic Summit in Copenhagen in May 2022 and bilateral meetings alongside other major multilateral summits, such as meeting the Swedish Prime Minister during COP 28 in Dubai in 2023 helped carry it. These summits have since moved beyond mere trade discussions and have explored deeper cooperation in innovation, clean technologies, maritime security, digitalisation, global health, infrastructure, and climate action. All of it underpinned by a shared commitment to a rules and value-based democratic order. The consistent high-level engagement signals a deliberate policy to integrate the Nordic region into India’s broader strategic calculations. Trade, Technology, and Defence The revitalised political engagement has been mirrored by growing economic ties over the past decade, although significant potential remains untapped. India’s total trade volume with key Nordic partners in the 2022-23 fiscal year saw Sweden leading at US 2.69 billion, followed by Finland at $ 2.02 billion, Denmark at $1.68 billion, and Norway at $1.51 billion. Further trade momentum from the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), which includes Nordic states Iceland and Norway is also expected to significantly boost ties. It represents a significant milestone, targeting $ 100 billion in investment and the creation of one million direct jobs over the next 15 years. Investment remains a central focus, with India actively seeking capital from Nordic sovereign wealth funds – Norway’s prominent fund alone holds substantial investments in India – and expertise crucial for India’s national development goals. There has been enhanced cooperation along with investment and expertise in areas central to India’s development goals: renewable energy, green technologies, digitalisation, sustainable urban development (Smart Cities), and the blue economy (Sagarmala project). Over 260 Swedish companies operate in India, employing hundreds of thousands, while Indian IT firms have also established a presence in the Nordic region. Technologically, the Nordic nations are global leaders in innovation, sustainability, and digital transformation. It aligns perfectly with India’s initiatives like Make in India, Digital India, and Modi’s push for a green transition in the country. Collaboration is expected in cutting-edge areas like AI, biotechnology, green hydrogen, electric aviation, and 5G/6G technologies. The EU-India Trade and Technology Council (TTC), in which Nordic EU members participate, provides another platform for synergy. In addition, defence cooperation is a growing element. Sweden stands out, with Saab becoming the first foreign defence company approved for 100% FDI, planning to manufacture its Carl-Gustaf weapon system in Haryana. Sweden’s expertise in defence technology offers potential partnerships for India’s military modernisation. Broader security dialogues, potentially facilitated by Sweden as a NATO member (alongside Finland, Denmark, and Norway), have helped grow regional understanding and cooperation on non-traditional security threats. China and the Arctic Beyond the bilateral benefits, two major geopolitical factors drive India’s Nordic engagement: the evolving challenge posed by China and India’s burgeoning Arctic ambitions. The Nordic countries, once relatively open to Chinese investment and engagement, have become increasingly wary. Concerns over China’s human rights record, assertive foreign policy (“wolf warrior diplomacy”), dual-use technology development, cyber threats, and its alignment with Russia have led the Nordics, particularly through the context of the EU, to view China increasingly as a “systemic rival.” This shift creates a strategic convergence with India. New Delhi, seeking partners who share democratic values and support a rules-based international order, particularly in the Indo-Pacific, finds common ground with the Nordic states. India is positioned as a reliable, democratic alternative partner for trade, technology, and investment, aligning with the “China plus One” diversification strategy. India’s interest in the Arctic is also growing significantly. It was granted Observer status in the Arctic Council in 2013. In 2014, India’s first multi-sensor moored observatory, IndArc, was deployed in Kongsfjorden, and in 2016, an atmospheric laboratory was deployed at Gruvebadet. To further cement its interests India formalised it with its Arctic Policy (“Building a Partnership for Sustainable Development”) in 2022. Why is India so interested in the Arctic? The Arctic region, with its vast reserves of natural gas, minerals, oil, and hydrocarbons, presents energy and economic opportunities for countries and offers another path to energy security. India’s motivations according to its Arctic policy, includes scientific research into the impact of Arctic warming on the Indian monsoon and the Himalayan (“Third Pole”) ecosystem, accessing potential untapped resources like hydrocarbons and critical minerals, evaluating strategic waterways such as the Northern Sea Route, and engaging with regional governance structures. India operates the ‘Himadri’ research station in Svalbard, Norway. The Nordic countries, especially Norway, possess significant expertise and influence in Arctic affairs, offering India valuable insights, technological know-how, and partnership opportunities in this critical region. Challenges and the Road Ahead Despite the positive momentum, challenges remain. Aligning foreign policy perspectives, particularly concerning Russia, requires careful navigation, as Nordic security concerns are acutely focused on Moscow, while India maintains a complex, long-standing relationship. Ensuring sustained political will and translating summit declarations into tangible, on-the-ground cooperation across diverse sectors requires continuous effort from both sides. In addition, bridging differences in regulatory environments and business practices is essential for maximising economic potential. India’s Nordic policy has been boosted under Prime Minister Modi. It represents a strategic realignment, moving beyond niche cooperation with states far away, towards a comprehensive partnership. Driven by shared democratic values, converging economic interests in innovation and sustainability, and overlapping geopolitical concerns regarding China and the strategic importance of the Arctic, the India-Nordic relationship holds immense potential. The upcoming summit in Oslo once again provides a crucial platform to consolidate gains, address challenges, and chart a course for a more robust, multi-dimensional partnership that will be of huge benefit to both India and the Nordic states. The engagement with the Nordic nations represents a cornerstone of India’s evolving foreign policy, seeking like-minded partners in a complex global landscape. Views expressed in the above piece are personal and solely those of the authors. They do not necessarily reflect News18’s views.