PM Modi calls for 100 billion US dollar investment & 1 million jobs under India-EFTA agreement at Business & Research Summit in Norway

Prime Minister Narendra Modi, with his Norwegian counterpart, addressed the India-Norway Business and Research Summit yesterday in Oslo. Crown Prince Haakon and the Prime Minister of Norway, Jonas Gahr Støre, also participated in the Summit. After the successful bilateral talks, this meeting proved to be another substantive measure to improve economic cooperation between the countries. It was attended by CEOs of more than 50 companies from both countries and more than 250 participants from the Norwegian and Indian business and research communities. Addressing the Summit, Prime Minister Modi appreciated the growth in bilateral trade and investments following the entry into force of the Trade and Economic Partnership Agreement, TEPA. He underlined that stakeholders on both sides should make efforts to achieve the investment target of 100 billion US dollars under TEPA and the consequent creation of one million jobs in India. PM Modi underscored the business-friendly ecosystem that exists in India. He said the talented and aspirational youth, robust business practices, and investor-friendly regulatory framework provide ample opportunities for Norwegian companies. He highlighted India’s strong upward growth trajectory, demographic dividend, and the spirit of competitive federalism. With TEPA already implemented, he encouraged greater Norwegian investments in India in key sectors such as the blue economy, shipbuilding, green transition, renewable energy, health-tech, critical minerals, start-ups, healthcare innovation and green technology. With India-Norway relations upgraded to Green Strategic Partnership, PM Modi underlined India’s ambitious green transition agenda. He emphasised India’s scale, growing energy demands, climate commitments, rapid expansion in renewable energy, grid infrastructure, green hydrogen and clean energy. He appreciated Norway’s global leadership in clean energy investments, maritime decarbonisation, ocean sustainability and climate finance. He invited the business community gathered for the summit to forge a partnership utilising Norway’s expertise and India’s opportunities in the green and blue economy. Prime Minister Modi urged the business communities of both countries to forge new partnerships, identify emerging areas of collaboration and strengthen economic cooperation. A number of business agreements between the Indian and Norwegian governments and companies were signed. It encompassed key sectors like Space, Digital public infrastructure, sustainability, tunnelling technology, health and advanced technologies. Later in the special briefing by the Ministry of External Affairs, Sibi George, Secretary (West), highlighted the substantive growth achieved in the bilateral relations during this visit. He underscored the significance of the Green Strategic Partnership between the countries. He said the partnership in the green and blue economy would bring in more investment, create employment and achieve sustainable energy goals, including energy security for India. He said this bilateral visit delivered on the three T’s required for our Viksit Bharat vision – Trade and investment, Technology and Talent. In a statement, the Ministry of External Affairs said the Summit marked the growing momentum in bilateral economic cooperation following the coming into force of the India-EFTA Trade and Economic Partnership Agreement. Prior to the high-level Business and Research Summit, four roundtable sessions were organised across different locations in Oslo, the MEA added. The sessions focused on healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.