India–Iceland SITE Network Launched at TEPA Green Growth Roundtable

L-to-R: Mr. Bala Kamallakharan, Chairman of India Icelandic Trade Council; Mr. Ragnar Kristjánsson, Director General, External Trade and Economic Affairs, Icelandic Ministry for Foreign Affairs; H.E. Mr. R. Ravindra, Indian Ambassador to Iceland; Mr. Árni Sigurjónsson, General Counsel at Marel & President at The Federation of Icelandic Industries; Mr. Sanmit Ahuja, MD and CEO, Bharatia

The India–Iceland SITE (Science, Innovation, Technology and Economics) Network was formally launched at the high-level roundtable “India–Iceland TEPA: Unlocking the Green Growth Corridor”, marking an important milestone in the deepening of bilateral economic and technology cooperation between India and Iceland.

The roundtable was convened against the backdrop of the India–EFTA Trade and Economic Partnership Agreement (TEPA), which opens a new chapter in cross-border collaboration by combining Iceland’s advanced technological capabilities with India’s scale, market depth, and implementation capacity. The SITE Network provides the structured corridor through which this opportunity can be translated into deployable projects, investments, and long-term institutional partnerships.

Convening Institutions and Strategic Intent

The workshop was organised by the Icelandic Indian Trade Council and Business Iceland, in collaboration with Bharat Technology and Impact Accelerator (Bharatia) and the Embassy of India, Reykjavik.

The objective was twofold:

• To explore how TEPA can catalyse trade, technology transfer, and investment flows across priority green and future-ready sectors.

• To formally anchor the India–Iceland SITE Network as an execution-oriented platform for First-of-a-Kind (FOAK) deployments, scale-up, and capital mobilisation.

Sectors discussed included geothermal energy, renewable power and grids, green shipping, sustainable fisheries and aquaculture, data centres, infrastructure, healthcare, and allied climate-positive industries.

Distinguished Speakers and Perspectives

The roundtable featured senior policymakers, industry leaders, and ecosystem builders, including:

• H.E. Mr. R. Ravindra, Ambassador of India to Iceland

• Mr. Bala Kamallakharan, Chairman, Icelandic Indian Trade Council

• Mr. Ragnar Kristjánsson, Director General, External Trade and Economic Affairs, Ministry for Foreign Affairs of Iceland

• Árni Sigurjónsson, General Counsel at Marel and President, Federation of Icelandic Industries

• Mr. Sanmit Ahuja, Managing Director & CEO, Bharatia

Together, the speakers underscored the strategic complementarity between Iceland’s innovation-driven, capital-efficient technologies and India’s demand-led, policy-backed deployment environment.

Topic 1: Hyper-Accelerating Icelandic Technologies in India

The first session focused on how Icelandic solutions can be rapidly commercialised and scaled in India. Key themes included:

• The strong market–technology fit between Icelandic climate and industrial solutions and India’s national priorities.

• The role of Bharatia’s ETV (Environment & Technology Verification) Programme in de-risking technologies through independent validation.

• Deployment pathways through Bharatia’s Grand Challenges framework, aligning policy needs, technology readiness, and blended finance.

This discussion positioned the SITE Network as a bridge between innovation and implementation—moving beyond pilots to scalable, bankable projects.

Topic 2: TEPA as an Enabler of Trade and Investment

The second session examined how TEPA can be operationalised through concrete trade and investment mechanisms, structured around two focused working groups.

Group 1: Trade Facilitation Interventions

Proposed instruments included:

• Technology acceleration through the Bharatia ETV programme

• An IP Safeguarding Initiative aligned with EFTA best practices

• Multi-sector Centres of Excellence linking research, standards, and deployment

• Warehousing and drop-shipping facilities in both countries

• Sector-specific trade acceleration platforms

• Regular bilateral roadshows in India and Iceland

Group 2: Investment Facilitation Interventions

Key proposals included:

• Exclusive, ETV-validated project pipelines

• Curated opportunities portfolios aligned with government initiatives

• Plug-and-play investment structures, including an Iceland feeder fund and GIFT City holding company models

• An ISK–INR currency swap facility to manage FX risk

• Global feeder funds domiciled in London, Luxembourg, and New York

• Green bond issuances, including INR-denominated Iceland–India bonds

• A joint India–Iceland VC fund to support cross-border scale-ups

• Export finance mechanisms for projects in both jurisdictions

From Dialogue to Deployment

The launch of the India–Iceland SITE Network at this roundtable signals a shift from intent to execution. By integrating TEPA’s policy framework with SITE’s operating model—spanning technology verification, FOAK deployment, capital structuring, and institutional partnerships—the corridor is designed to deliver measurable outcomes.

The Network will now move into an action phase, focused on identifying priority projects, establishing Centres of Excellence, mobilising capital, and creating repeatable pathways for bilateral growth. In doing so, it positions India and Iceland as partners not only in trade, but in shaping globally relevant solutions for the green and resilient economy of the future.