Iceland keen to boost commercial ties with India
World Trade Center Mumbai organised an interactive meeting with H.E. Mr. Benedict Höskuldsson, Ambassador of Iceland to India to discuss opportunities for strengthening bilateral trade and investment cooperation.
The Ambassador urged both nations to seize the moment and strengthen cooperation across sectors including trade, energy, climate action, and connectivity.
H.E. Mr. Höskuldsson informed thatIndia can provide the much-needed stability to global trade dynamics with its large market size and emerging manufacturing base amidst the growing global uncertainties. “EFTA countries, which include Iceland, have strategic advantages as they already have a trade pact with India,” he said.
He emphasized that while several major economies are currently pursuing new trade agreements with India, the EFTA bloc is already well-positioned to leverage its early engagement. “Today, nations such as the United States, United Kingdom, and the European Union are looking to deepen trade ties with India. EFTA countries must act quickly and strategically, as they already have a signed agreement to build upon,” Mr. Höskuldsson remarked.
The Ambassador pointed out that the ongoing global tariff tensions are driving countries to diversify their trade relationships, and that India has emerged as a preferred partner.
Mr. Höskuldsson underlined the growing importance of the India-Iceland partnership. He said, “Climate and energy cooperation are vital to India-Iceland relations. In May 2022, the Prime Ministers of India and the Nordic countries launched a joint task force to strengthen bilateral collaboration on climate-related issues.”
He emphasized that climate challenges are largely energy-related and that India’s proactive stance in renewable energy aligns perfectly with Iceland’s expertise. “As per the International Energy Agency, 75% of climate challenges stem from energy-related issues. Iceland is already working with Indian partners such as ONGC and Oil India on geothermal energy, and we look forward to expanding this cooperation further,” Mr. Höskuldsson said.
In his welcome address, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President, All India Association of Industries emphasized the critical role of international collaboration in helping India achieve its long-term goals.
He said, “India aims to become a developed economy by 2047 and achieve net carbon neutrality by 2070. To realize these targets, strategic investments, technology transfer, and technical collaboration, particularly in renewable energy and emerging technologies, are essential.”
He noted that Iceland and other Nordic countries, with their sovereign wealth funds, technological expertise, and leadership in sustainability, can be valuable partners for India’s growth.
The vote of thanks for the event was proposed by Capt. Somesh Batra, Vice Chairman, WTC Mumbai.
Header Image Caption: Ms. Aakruti Bagwe, Director-Operations, WTC Mumbai (4th from left) felicitating H.E. Mr. Benedict Höskuldsson, Ambassador of Iceland to India (3rd from left) during the event. Also seen in the picture (from left to right) are Ms. Priya Pansare, Director- Trade and Investment Promotion, WTC Mumbai, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President, AIAI, Mr. Gul Kriplani, Honorary Consul General of Iceland, Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Mr. Santosh Kotre, Director- Finance, Accounts & Admin., WTC Mumbai
Promotional Image: H.E. Mr. Benedict Höskuldsson, Ambassador of Iceland to India addressing the event