Nordic-Baltic (NB8) Countries

Nordic-Baltic (NB8) Countries: Nordic-Baltic Eight (NB8) is a model for regional cooperation. NB8 consists of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The NB8 is a leader in innovation and technology. The CII India Nordic Baltic Business Conclave, in its second edition, was held on November 22–23, 2023, in New Delhi. This event was held in association with the MEA and GOI. It attempts to promote cooperation between India and the Nordic-Baltic Eight (NB8) countries, which are renowned for their technological and innovative capabilities.

In this article, we will look into the Nordic-Baltic Countries, objectives, and focus areas of the 2nd CII India Nordic Baltic Business Conclave 2023.

What are Nordic-Baltic Countries?

The Nordic-Baltic Eight (NB8) is a regional cooperation arrangement that comprises Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The NB8 was founded in 1992. The geopolitical term “Baltic states” refers to Lithuania, Latvia, and Estonia. These three nations are members of the OECD, NATO, the European Union, and the Eurozone.

The term “Nordic” is derived from the Scandinavian word “Norden,” which translates as “North (ern lands).” The Nordic region of Europe lies to the north and west of Russia, and the north of countries such as Poland and Germany. The Faroe Islands, Greenland, Norway, Sweden, Denmark, Finland, Iceland, and the Aland Islands are all part of the Nordic region. Nordic or Scandinavian concepts do not apply to the Baltic states of Estonia, Latvia, and Lithuania. Though, they do have strong connections to the Nordic nations.

2nd CII India Nordic Baltic Business Conclave 2023

The second CII (Confederation of Indian Industries) India Nordic Baltic Business Conclave was held in Sushma Swaraj Bhawan in New Delhi on November 22-23, 2023. More than 70 speakers and 550 business delegates attended the conclave, over 120 of them were from the Nordic-Baltic countries. This program, in association with the MEA, and GOI, seeks to promote cooperation between India and the Nordic-Baltic Eight (NB8) nations, which are renowned for their technological and innovative capabilities.

The purpose of the conclave is to promote communication between different stakeholders. The main focus is on important industries, offering an opportunity for conversations that may result in innovative collaborations. The event will also create an atmosphere that is favorable for important partnerships by establishing the foundation for future policy reforms.

Objectives of the Event: 2nd CII India Nordic Baltic Business Conclave 2023

The following were the objectives of the 2nd CII India Nordic Baltic Business Conclave 2023:

• B2B Meetings: Encouraging personal conversations to develop deep business ties.
• Sector-specific Breakout Sessions: Detailed discussions on particular industries to find joint venture possibilities.
• Delegations from the Trade and Industry: Encouraging the sharing of concepts and procedures through delegations.
• Possibilities for Networking: Establishing an environment that encourages networking between participants.

Focus Areas of 2nd CII India Nordic Baltic Business Conclave 2023

The following are the focus areas of the event of 2nd CII India Nordic Baltic Business Conclave 2023:

1. Maritime Cooperation and the Blue Economy

The focus was on managing the Blue Economy effectively. The aim is to improve the adaptability of the global supply chain, boost innovation, support sustainable marine practices, and develop increased maritime cooperation between India and the Nordic-Baltic nations.

2. Integration of Renewable Energy

Discussions included resource identification, regulatory assistance, energy storage, and advanced technological efforts, as well as India’s drive for the integration of renewable energy. The objective was to look for assistance in identifying and putting into practice sustainable energy-related technology from the creative Nordic-Baltic economies.

3. Food Processing and Sustainability

The discussions were based on shifting food systems toward sustainability through the exchange of experiences, innovations, and best practices between India and the Nordic-Baltic states. The goal of collaboration was to bring an integrated approach that included social, economic, and environmental aspects to address global concerns.

4. Shift to Industry 5.0

The main topic of conversation during collaborations was how to employ cutting-edge technology like IoT, smart manufacturing, and AI (artificial intelligence) to increase industrial productivity and efficiency. The objective was to investigate how collaboration between India and the Nordic-Baltic countries could aid India in achieving its 2047 development goal.

5. Adaptable Logistics and Supply Chain

The importance of creating strong and efficient supply networks in line with India’s logistics policy was the topic of discussion. The goal of the conclave was to explore how India and the Nordic-Baltic nations may work together to use innovations in technology to boost global value chains.

6. Green Funding for Climate Initiatives

The event addressed the role that climate financing plays in bringing out sustainable and environmentally friendly projects. Discussions aimed to promote increased cooperation between India and the Nordic-Baltic nations in pushing climate action by examining strategies and solutions to motivate financing and investments.

7. Collaboration between AI and Information Technology

The focus was on investigating possible areas of collaboration between India and the Nordic-Baltic nations in utilizing AI and IT to address complex societal issues. Initiatives for skill development to support inclusive AI and IT growth were also discussed.

Economic Relations between India and the Nordic-Baltic Countries

The economic relationships between India and the Nordic-Baltic countries are formed by the following sectors:

Trade and Investments

• The Nordic countries have contributed a significant amount of cumulative foreign direct investment (FDI), showing shared investment interests.
• India now trades commodities for over USD 7.3 billion with the NB8 countries combined, and it has received USD 4.69 billion in foreign direct investment from the Nordic region between 2000 and 2023.
• Also, the presence of nearly 150 Indian enterprises in the Nordic-Baltic region and over 700 Nordic companies in India demonstrate bilateral trade and investment partnerships.

Bilateral Cooperation

• Particular alliances and partnerships have been formed in several fields.
• Examples include joint projects with Iceland to exploit geothermal energy, sustainability partnerships with Finland, and a green strategic relationship with Denmark focused on water solutions, wind energy, and agriculture.

Sectoral Engagements

• Opportunities for joint efforts and investments have been identified in a number of sectors, including renewable energy, food processing, logistics, IT, AI, maritime cooperation, and blue economy initiatives.
• India’s ambitious targets for renewable energy will work well with the technological expertise of the Nordic-Baltic countries.

Polar Research and Space Technology

Discussions about cooperative research initiatives and opportunities in the Arctic and Antarctic areas have raised the possibility of collaboration in the fields of space technology, geospatial sectors, and polar and climate research.

International Cooperation and Partnerships

• India and the Nordic-Baltic countries are both actively involved in international alliances. For example, India is part of the Global South through the G20, which offers potential for cooperation in identifying solutions for sustainable growth.
• Also, the investigation of collaborations in cooperative development initiatives, particularly in Africa, highlights the possibility of increasing their combined worldwide reach.

Recent Collaboration of India with Nordic-Baltic Countries

India’s exports to the Nordic countries have increased considerably in the last few years.

• Shipments to Finland and Norway have increased by more than 100% and 80%, respectively.
• In recent years, the region has been more closely associated with India because of Bollywood, popular Indian food, yoga, Ayurveda, and Indian textiles.
• The potential for cooperation in fields including innovation, supply chain logistics, fintech, green tech, AI, and blockchain-led change was emphasized by Shri Piyush Goyal.
• He urged Nordic-Baltic enterprises to present their products at upcoming trade shows in India, such as Bharat Mobility Show (showcasing vehicle fairs with electrical components) and Bharat Tex (including over 3,500 exhibitors from nearly 40 countries).

Summary – Nordic-Baltic (NB8) Countries

It is necessary to diversify the range of goods and services traded to increase bilateral trade. Mutual growth can be promoted by concentrating on industries such as manufacturing, healthcare, agriculture, technology, and renewable energy. It will be essential to lower trade barriers and improve market access, promoting and facilitating trade and investment between the Nordic and Baltic nations and India. Also, encouraging partnerships, joint ventures, and technology transfer in areas of shared interest. Creating a climate that is beneficial to investments by implementing laws, regulations, and business-friendly policies would be beneficial.

FAQs on Nordic-Baltic (NB8) Countries

1. What is the Nordic Baltic Cooperation 2023?

Latvia will take over as the coordinator of cooperation between the Nordic and Baltic nations (also known as the Nordic–Baltic Eight, or NB8), which are Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden, in 2023.

2. Which Countries are part of the NB8?

A model for regional cooperation known as the Nordic-Baltic Eight (NB8) consists of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The NB8 is a leader in innovation and technology, and India has an abundance of partnership options given its growing emphasis on technology.

3. What is the difference between Baltic and Nordic?

Nordic countries include Denmark, Sweden, and Norway, but it also includes Iceland and Finland. Although they are not Scandinavian, Finland and Iceland are regarded as Nordic countries. Estonia, Latvia, and Lithuania are known as Baltic nations.

4. What is the Baltic States Conference?

The second Baltic Conference was set for September 29, 2023, in Palanga, Lithuania, and was organized by the European Commission. Ministers from the eight EU nations that surround the Baltic Sea—Denmark, Germany, Estonia, Latvia, Lithuania, Poland, Finland, and Sweden—are together for this high-level gathering.

5. Why Nordic countries are called Nordic?

The name “Nordic” comes from the regional Scandinavian word “Norden,” which translates to “the northern islands.” However, the locals are referred to as “Norbdo,” which translates to “northern dwellers.”

6. What is the Nordic-Baltic format?

Nordic-Baltic cooperation, or NB8, is a format for regional cooperation that, as of 1992, brought together three Baltic and five Nordic countries (Finland, Sweden, Norway, Iceland, Denmark, Estonia, Latvia, and Lithuania) to have informal discussions about significant regional and global issues.