India has now entered a crucial phase in its developmental trajectory. Having experienced rapid economic growth, the country climbed up the ranks to become the world's fifth-largest economy, surpassing the UK.  As India commemorates the eighth anniversary of the 'Make in India' initiative, aimed at overhauling domestic manufacturing and exports, the country is gearing up to become a $10-trillion economy by 2035. With the year 2023 serving as a pivotal moment for India’s global and domestic ambitions, the nation embarks on a journey to unlock its full economic potential.

As the chair of the G20, India’s success will be determined by the extent and diversity of its collaborations, which reinforce its relationships with key partners. A significant aspect of this are the dynamic and evolving ties with the Nordic countries—Sweden, Denmark, Norway, Finland, and Iceland.

The Second India-Nordic Summit was successfully held last year between the Prime Ministers of the countries in May 2022. Thereafter, high-level ministerial visits from Sweden, Norway, and Finland in early 2023, as well as the historic visit of the Danish Crown prince in February 2023, have elevated the scope and centrality of the partnership. With Sweden being the current President of the Council of EU and India chairing the G20, the occasion of coinciding presidentship of prominent forums promises to further enhance the range of bilateral, multilateral and business dialogue.

The SEB Nordic CEO Conference 2023, held in March in New Delhi, is an indicator of India’s multilateral engagements. The SEB (Skandinaviska Enskilda Banken) is a leading Nordic Bank with clients including the largest companies from the region. The Annual Conference takes place in countries of significant importance on a rotating basis, creating an opportunity to considerably enhance business relations with the host country. For India, the occasion marked one of the largest visiting delegations from the Nordic region.

The growth and success that many attending companies have experienced is highly encouraging, and India is optimistic about further strengthening these ties with the conclusion of this year's Nordic Business Delegation visit. The strength of India’s bilateral and multilateral relations along with the support of Nordic businesses is crucial to promoting mutual understanding and cooperation, fostering a stable and peaceful international order, and thoroughly harnessing India’s potential.

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