Hon’ble President of India Shri Ram Nath Kovind addressed at the India-Iceland Business Forum. At the India-Iceland Business Forum President Shri Ram Nath Kovind highlights the potential areas to increase economic cooperation.  

  • India’s growth and Iceland’s niche capacities complement each other
  India – Iceland Relation  
  • Scope for Co-operation in areas of Health
  • The Indian pharma industry has much to offer. Every 5th tablet, capsule and injection in Generic Drugs in the world is manufactured in India.
  • Similarly, Iceland has made advances in genomics, genetics, and biotechnology. It also possesses key technologies in the medical devices field. This provides a vast opportunity for co-operation between India and Iceland in the pharma, healthcare and biotech space. Finance, hospitality and tourism services also present significant opportunities.
  • India is the second-largest food producer in the world. India requires technology and investment support to process its food and modern logistics chain to market it.
  • India is also keen to learn from Iceland’s sustainable management of fish stock and innovative fishery products - from fish-skin leather to cosmetics. From the Indian perspective, Iceland is sought as an important partner as India works to double its farm-income by 2022.
  • Scope to collaborate in the digital space and in next-generation infrastructure projects
  • India is a world leader in IT services and Iceland has the advantage of being a preferred destination for hosting data centers.
  • Also, India’s growth motivated by building Smart cities, green buildings, airports, expressways, high-speed railways and ports is creating immense opportunities in the infrastructure, start-up and digital sectors.
  • Scope for collaboration in the renewable energy sector
  • India has set itself a target of installing 175 GigaWatts capacity of renewable energy by the year 2022, and meeting 40% of its total energy needs from renewable energy by the year 2030.
  • India would also be turning towards the utilization of geothermal energy in the coming future to satisfy its ever-growing energy needs.
  • Whereas Iceland is a pioneer in renewable energy production specifically in geothermal and hydroelectricity which India can make benefit from.
  • Wind energy is yet another area of cooperation. India ranks fourth in the world in terms of wind energy generation. It also has a dynamic domestic industry manufacturing wind turbines and is ready to engage with Iceland to harness wind energy.
  • India as an attractive destination for FDI
    • India is the sixth-largest economy in the world today. It has set a target to reach the 5 trillion dollar economy mark by 2025. Not only the fastest-growing major economy but have also become a leading engine of global growth.
    • In the last five years India has climbed, 65 places on the World Bank Ease of Doing Business Index and 44 ranks on the Logistics Performance Index.
    • The introduction of Goods and Services Tax has made India into a single tax market. 
  • As a result of our policies, India has attracted an impressive 44.3 billion US dollars as FDI in the financial year 2018-19. So India holds true potential for FDI from Icelander's community.
  On the technological front, Iceland’s technological prowess and India’s scientific skills can help each other to drive the Fourth Industrial Revolution and the machine-intelligence age. Source: Read More Article: India South Korea Relation Developments in India and Japan Relations