PM Modi invites Nordic companies to invest in Sagarmala project and Blue Economy sector

Prime Minister Narendra Modi asked the Nordic companies to invest in the Sagarmala Project and Blue economy sector, and further also sought investments from the sovereign wealth funds of the Nordic countries.

It is important to note that as part of the Sagarmala project, a total of 800 projects of an estimated cost of around 5.48 lakh crore are to be taken up for implementation. Sagarmala projects include projects from various categories such as modernisation of existing ports and terminals, new ports, terminals, inland waterways, lighthouse tourism and skill development, etc.

"Discussions were held on multilateral cooperation in post-pandemic economic recovery, climate change, sustainable development, innovation, digitalisation, and green and clean growth. Discussions were also held on cooperation in maritime sector with a focus on sustainable ocean management. Prime Minister invited Nordic companies for investing in the Blue Economy sector, especially in India's Sagarmala project," the Ministry of External Affairs (MEA) said in a press release.

PM Modi pitched this proposal at the 2nd India-Nordic Summit, which saw the participation of Prime Minister of Denmark Mette Frederiksen, Iceland Prime Minister Katrin Jakobsdottir, Norway Prime Minister Jonas Gahr Store, Sweden Prime Minister Magdalena Andersson and Prime Minister of Finland Sanna Marin.

2nd India-Nordic Summit: Fighting climate change remained a big focus

The Prime Ministers agreed to jointly tackle the climate change challenge and to protect the natural environment as per the Paris agreement, said the joint statement released after the summit, which also noted that the global green transition to combat climate change will remain to be the most imminent global challenges.

"The need for setting ambitious goals for cutting down on emissions and concrete implementation plans was underlined, which will further accelerate the buiness actors' contribution to accelerating the transition," the joint statement read.    

The Nordic countries showed commitment for ambitious cooperation on renewable energy, energy diversification, smart grids and energy efficiency. 

"As leading ocean nations, India and the Nordic countries agreed on the benefits of partnering on transforming the shipping industry towards a low carbon future through exchange of good practices and technology transfers," the statement further read.

Image: ANI