Modi, who arrived here on Tuesday from Berlin on the second leg of his visit to three European nations, met Jakobsdottir on the sidelines of the second India-Nordic Summit in the Danish capital.
"Prime Minister @narendramodi held talks with PM @katrinjak of Iceland. They discussed boosting ties in areas like trade, energy, fisheries and more, the Prime Minister's Office tweeted.
Both Prime Ministers warmly recalled their first meeting during the 1st India-Nordic Summit in Stockholm in April 2018. They noted that this year both countries are celebrating the 50th anniversary of establishment of diplomatic relations.
"Both leaders discussed ways to further strengthen economic cooperation especially in the sectors of geothermal energy, Blue Economy, Arctic, renewable energy, fisheries, food processing, education including digital universities, and culture," the Ministry of External Affairs (MEA) said in a press release.
Geothermal energy, in particular, is an area where Iceland has special expertise, and both sides stessed on collaboration between universities of both countries in this sector.
"Discussions also took place on regional and global developments," it added.
Modi's visit comes amid the Ukraine crisis, which has united much of Europe against Russia.
Prime Minister Modi lauded Jakobsdottir's personal efforts at promoting gender equality and briefed her on India's advances on the issue, the MEA said.
Discussions also took place on expediting the India-European Free Trade Association (EFTA) trade negotiations.
"Explored ways to intensify our economic ties in renewable energy, fisheries, food processing. Welcomed collaborative projects in geothermal energy in India. Also discussed cooperation in the Arctic," MEA spokesperson Arindam Bagchi tweeted.
Modi would also attend the 2nd India-Nordic Summit along with Prime Ministers of Denmark, Iceland, Finland, Sweden and Norway where they will take stock of the cooperation since the First India-Nordic Summit in 2018.
"Today's agenda includes the India-Nordic Summit and bilateral talks with Nordic leaders after which I will leave for Paris to hold talks with President @EmmanuelMacron," Modi tweeted before starting his engagements for the day.
India's trade with Nordic countries stands at over USD 5 billion (2020-21) and a cumulative FDI of over USD 3 billion (April 2000- March 2021).
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