Nordic regions: International Relation and Trade

 

India’s Exports to Nordic Countries have increased significantly in recent years

Huge scope of cooperation in Pharmacy, Food Processing, Renewable Energy, IT, AI, Supply Chain and Logistics with Nordic-Baltic countries

Shri Goyal invited Nordic-Baltic countries to participate in BharatTex and Bharat Mobility fairs

Important For the UPSC Examination

Important For the UP PCS Examination

What is the Nordic Region?

Which is also known as Norden is a geographical and cultural area in Northern Europe and North Atlantic. It Includes following which are given below:

A. Autonomous Territories:

B. States: 

What are Baltic Regions?

The Countries share seashores with the Baltic Sea and are part of the Baltic region. Name Below:-

1. Denmark, 

2. Estonia, 

3. Finland, 

4. Germany, 

5. Latvia, 

6. Lithuania, 

7. Poland, 

8. Russia, and 

9. Sweden

India’s exports to Nordic regions have increased significantly in recent years, said Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles while addressing the 2nd CII India Nordic-Baltic Business Conclave 2023.

The Union Minister pointed out that India’s exports to the Nordic region have grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Highlighting the fact the region has come close to India in recent years, the Minister pointed out the items below:

1. Indian Cuisine

2. Bollywood

3. Yoga

4. Ayurveda and 

5. Textiles are extremely popular in the Nordic-Baltic region.

What Nordic-Baltic Region Offered To Us:-

Best of innovation, green tech, AI & blockchain-led transformation, supply chain logistics & fintech and these are the areas where there is a huge scope for collaboration with India as India has made great strides in these areas besides being an economic powerhouse with vast mineral resources and talent pool.

In his address, Shri Goyal said that Nordic-Baltic nations have the best innovation, green tech, AI & blockchain-led transformation, supply chain logistics & fintech and these are the areas where there is a huge scope for collaboration with India as India has made great strides in these areas besides being an economic powerhouse with vast mineral resources and talent pool. Speaking in the presence of leaders of the Nordic countries, Shri Goyal said that it’s an exciting era of collaboration, innovation & shared prosperity with a similar outlook towards global challenges & opportunities.

Shri Goyal also invited Nordic-Baltic companies to showcase, attend, and collaborate in the upcoming trade fairs in India. He informed the gathering that BharatTex, which will start from February 26 to 29, will have over 3,500 exhibitors from nearly 40 countries. Bharat Mobility Show will run from February 1 to 3 and will showcase the Auto Fair and will also have electrical components as a key feature.