The economic dimension of the Nordic engagement featured prominently throughout the visit. Mr Modi noted that trade between India and the Nordic region had expanded nearly four-fold over the last decade, while investments from Nordic countries into India had risen by almost 200 per cent during the same period. Nordic sovereign funds and institutional investors are increasingly emerging as important stakeholders in India’s infrastructure, renewable energy and technology sectors.

The India-EFTA Trade and Economic Partnership Agreement also remained a recurring theme during the discussions. Leaders on both sides highlighted the agreement’s potential to significantly boost investments, technology collaboration, innovation partnerships and job creation. With Europe seeking stable and diversified economic partnerships, and India positioning itself as a manufacturing, innovation and digital powerhouse, the Nordic region appears increasingly aligned with India’s long-term economic ambitions.

On the sidelines of the Summit, Mr Modi also held a series of bilateral meetings with Nordic leaders, reflecting India’s increasingly broad-based engagement across Northern Europe. Discussions with Danish Prime Minister Mette Frederiksen revisited the India-Denmark Green Strategic Partnership and cooperation in renewable energy, sustainability and future-oriented sectors. Talks with Finnish Prime Minister Petteri Orpo focussed on innovation ecosystems, digital technologies, education and emerging industrial collaboration, while discussions with Icelandic Prime Minister Kristrun Frostadottir highlighted geothermal energy, fisheries, Arctic research, carbon capture, mobility partnerships and blue economy cooperation.

The meeting with Iceland’s Prime Minister carried additional significance as it was the first interaction between PM Modi and PM Frostadottir since she assumed office. Mr Modi congratulated her on becoming the youngest Prime Minister in Iceland’s history. Both sides reviewed progress in geothermal energy cooperation, fisheries, innovative technologies, tourism, culture and people-to-people exchanges. Mr Modi also invited Ms Frostadottir to visit India at a mutually convenient time.

Collectively, the bilateral meetings underscored India’s attempt to build differentiated yet interconnected partnerships across the Nordic region, with each country contributing unique strengths in sustainability, technology, maritime expertise, innovation or climate transition.

Norway occupied a particularly prominent place during the visit. PM Modi and Norwegian Prime Minister Jonas Gahr Store held both restricted and delegation-level talks in Oslo, after which the two countries announced the elevation of bilateral ties to a Green Strategic Partnership. The new framework is expected to deepen cooperation in clean energy, maritime industries, renewable technologies, circular economy, sustainability, fisheries, education, scientific research, artificial intelligence, space collaboration and Arctic affairs.

The partnership also carries considerable economic significance. Norway’s Government Pension Fund Global, among the world’s largest sovereign wealth funds, has steadily expanded its investments in India. According to official estimates referenced during the visit, Norwegian investments in Indian capital markets are now valued at nearly USD 28 billion. Bilateral trade between the two countries has also gained momentum, supported by stronger shipping, maritime and energy cooperation.