Indian Prime Minister Narendra Modi is attending a high-level summit in Oslo, Norway, with leaders from the five Nordic countries – Denmark, Finland, Iceland, Norway, and Sweden – to deepen strategic and trade relations.

This third edition of the India-Nordic Summit comes at a critical juncture for India, which is seeking to diversify its international partnerships amidst global economic uncertainties and geopolitical shifts. Recent global events, including Russia's ongoing war on Ukraine and tensions in the Middle East, have impacted India's economy and energy security, prompting New Delhi to strengthen ties with Western nations.

The summit's agenda is set to cover a wide range of crucial topics, including technology and innovation, the green transition, renewable energy, sustainability, the blue economy, defense, space, and India's growing role in the Arctic region. Leaders are also expected to address the economic fallout from the war in Ukraine and broader geopolitical issues.

Discussions are anticipated to focus on boosting bilateral trade, with Nordic countries looking to export green technology, renewable energy solutions, and industrial machinery to India. Conversely, India aims to increase its exports of pharmaceuticals, machinery, and consumer goods, such as textiles, to the Nordic nations. Collective trade between India and the Nordic countries reached $19 billion in 2024.

The strategic importance of the Nordic region for India is multifaceted. Beyond trade, the summit aims to "impart a more strategic dimension to India’s relationship with the Nordic countries, especially in technology and innovation, green transition and renewable energy, sustainability, blue economy, defence, space and the Arctic," according to a statement from India's Ministry of External Affairs.

Several major Nordic companies, including Nokia from Finland and Volvo and IKEA from Sweden, already have a substantial presence in India, underscoring existing economic links. Furthermore, Indian shipyards play a significant role in the maritime sector, currently building approximately 11 percent of Norway's merchant fleet.

Modi's participation in the summit is historically significant, marking his first visit to Norway as Prime Minister. This visit follows the first summit held in Stockholm in 2018 and the second in Copenhagen in 2022, indicating a sustained effort to foster closer engagement with Northern European nations. India's recent trade agreements with the European Union and a trade pact with Iceland, Liechtenstein, Norway, and Switzerland further highlight its expanding economic diplomacy.

As global powers navigate complex geopolitical landscapes and prioritize sustainable development, the India-Nordic Summit represents a key platform for New Delhi to forge partnerships crucial for its economic growth, technological advancement, and strategic interests in regions like the Arctic.