CII Second Edition 2023
The second edition of the CII India Nordic Baltic Business Conclave was held on 22-23 November 2023 in New Delhi with the objective of promoting collaboration between India and the Nordic Baltic Eight (NB8) countries in innovation and technology. Faroe Islands PM Aksel Johansen and ministers of the Government of Finland and Sweden participated in this conference.
Focus Areas: Focusing on key areas for development
The conclave has been strategically designed to facilitate interaction between various stakeholders. Its primary focus is on key sectors, providing a platform for discussions that could potentially lead to unprecedented partnerships. The event will lay the groundwork for potential policy changes and foster an environment conducive to effective cooperation.
What is the Nordic Baltic Eight (NB8)?
NB8 is a regional cooperation format that brings together the Nordic countries and the Baltic states. It includes the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden, as well as the three Baltic states: Estonia, Latvia and Lithuania. The grouping shares historical, cultural and geographical ties, promoting engagement and cooperation in various fields including political, economic, trade, security and culture.
Key Features of the Conclave
The Conclave recognizes the immense opportunities for Indian industries to form partnerships and joint ventures as well as enter into technology transfer agreements with institutions and enterprises in the NB-8 region. This presents a unique opportunity for India to leverage the expertise and progress of the Nordic Baltic countries.
- Food Processing and Sustainability:
The discussions mainly focused on the transformation of food systems towards sustainability by sharing experiences, innovations and best practices between India and the Nordic-Baltic countries. The cooperation aims to address global challenges with a holistic approach encompassing economic, social and environmental dimensions.
- Blue Economy and Maritime Cooperation:
Emphasis was laid on efficient management of the Blue Economy to enhance global supply chain resilience, promote sustainable maritime practices, encourage innovation and foster greater maritime cooperation between India and the Nordic-Baltic countries.
- Renewable Energy Integration:
The discussions focused on India's push for renewable energy integration, resource identification, policy support, energy storage and advanced technology initiatives.
Its objective was to support innovative Nordic-Baltic economies in identifying and implementing clean energy-related technologies.
- Transition to Industry 5.0:
The collaboration discussion focuses on leveraging advanced technologies such as AI (Artificial Intelligence), IoT and smart manufacturing to increase productivity and efficiency in the manufacturing sector. Its objective was to explore how cooperation between India and the Nordic-Baltic countries can contribute to India's goal of becoming a developed nation by the year 2047.
- Green financing for climate action:
The conclave highlighted the importance of climate finance in the green and sustainable transition. The objective of the discussion was to explore strategies and solutions to promote greater cooperation, financing and investment between India and the Nordic-Baltic countries in advancing climate action.
- Information Technology and AI Collaboration:
Emphasis was laid on exploring potential areas of cooperation between India and Nordic-Baltic countries in leveraging IT and AI to address complex societal challenges. Skill development initiatives to enable inclusive AI and IT development were also discussed.
- Flexible Supply Chain and Logistics:
The discussions revolved around the need to create efficient and flexible supply chains in line with India's logistics policy. The objective of the conference was to explore how India and the Nordic-Baltic countries can collaborate to strengthen global value chains by making technological advancements.