India’s Ambassador to Iceland R Ravindra has said that collaboration is underway with Iceland for the extraction of geothermal energy in the Himalayan states as well as from depleted oil wells. India’s estimates suggest a nationwide geothermal energy capacity of about 10 GW, even as pilot projects are underway in closed or depleted oil wells.
Speaking to CNBC-TV18’s Abhimanyu Sharma on the occasion of the second anniversary of the signing of the India–EFTA (European Free Trade Association) trade agreement, he said that India’s trade with Iceland has increased by nearly $30 million compared with the previous year, with an additional $30 million in investment from Iceland into India’s fisheries sector.
India and EFTA had signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. EFTA comprises Switzerland, Norway, Iceland and Liechtenstein.
Commenting on the rise in business opportunities between the two countries, he said Iceland already has investments in Pune in the food processing sector, while clean energy companies remain active in Himachal Pradesh, Uttarakhand and Ladakh.
Stating that Iceland’s investment in Maharashtra will create over 1,700 jobs in Aurangabad, he added that efforts are also underway to leverage Iceland’s innovations in carbon capture as well as the use of fish skin for skin regeneration.