New Delhi, September 23 (Daily Kiran) : India and Iceland have seen a notable strengthening of their relations following the implementation of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA). In an exclusive interview in New Delhi, Iceland’s Ambassador Benedict Hoskuldsson highlighted that this agreement has provided a solid foundation for the growing partnership between the two nations.
Since the TEPA came into effect last October, Iceland has initiated several measures to promote its economic and strategic interests in India. According to Hoskuldsson, the agreement has opened up new avenues for cooperation and offers a long-term basis for their relationship.
“I believe that TEPA firmly establishes the growing ties between our two countries,” he stated.
Following the agreement’s implementation, Iceland has organized workshops in three different Indian cities aimed at boosting tourism between the two nations, yielding positive results. Additionally, a special program was held in Delhi to promote Icelandic seafood products, further enhancing trade opportunities. Iceland has also made a significant investment in India’s maritime sector.
The ambassador noted that Iceland views India as a rapidly developing market in the coming years, emphasizing that India’s role in Iceland’s strategic activities in Asia will continue to grow.
Over the past decade, India has made remarkable economic and technological advancements, increasing its global economic and geopolitical significance. Iceland is closely monitoring this transformation.
Discussing collaboration on climate change, Hoskuldsson mentioned two key areas where both countries are working together. The first is geothermal energy, an area where Iceland has nearly a century of experience. Besides generating electricity from high-temperature geothermal resources, low-temperature resources can also be utilized, benefiting people in northern and Himalayan regions of India.
The second area of focus is Carbon Capture, Utilization, and Storage (CCUS). The ambassador explained that Iceland has been commercially using this technology for over two decades, and efforts are underway to introduce it in India as well.
This technology could be particularly beneficial for Indian industries where reducing emissions is challenging, including steel, petrochemicals, and cement. Hoskuldsson emphasized that while these industries will continue to expand, it is crucial to reduce their carbon emissions, with CCUS playing a significant role in this effort.
He elaborated that current technologies allow for the safe storage of carbon dioxide in underground basalt rocks. Moreover, CO2 and hydrogen can be combined to produce e-methanol, which could potentially serve as aviation fuel in the future.
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