Prime Minister Narendra Modi stated that there are vast opportunities for cooperation between India and Norway in various sectors, saying that the doors of India are open for Norwegian companies and they should come forward to invest in clean energy, shipbuilding, maritime industries, and health technology. He said that both countries have excellent opportunities for cooperation in areas such as food security, fertilizers, fisheries, and energy.
Mr. Modi, who is on a two-day visit to Norway, addressed the India-Norway Trade and Research Summit on Monday evening. Later, the Prime Minister said in a social media post that it was a pleasant opportunity to interact with stakeholders from the business sector and research community.
He said, "In the Oslo City Hall, Prime Minister Jonas Gahr Støre and I participated in a trade and research summit. Interacting with stakeholders from the trade and research world was a pleasant opportunity. Our countries have excellent opportunities for cooperation in areas such as food security, fertilizers, fisheries, and energy. I invited Norway to invest in India's clean energy initiatives. I also shared my thoughts in support of India's reform agenda. Shipbuilding is an area that provides vast and limitless opportunities."
Mr. Modi appealed for strong economic cooperation between India and Norway, asking Norwegian companies to increase investment in clean energy, shipbuilding, maritime industries, and health technology. The summit was attended by over 250 representatives from the trade and research sectors of both countries, including more than 50 CEOs of companies, in addition to Norway's Crown Prince Haakon.
The program reflects the increasing momentum in India-Norway relations after the India-EFTA Trade and Economic Cooperation Agreement (TEPA) came into effect. Mr. Modi highlighted India's rapidly growing economy, appealing to stakeholders from both countries to work towards achieving the ambitious targets set under the trade agreement.
He said, "The relevant institutions of both parties should strive to achieve the target of $100 billion in investment and the goal of creating one million jobs in India under TEPA."
The Prime Minister emphasized India's strong economic growth, favorable demographic situation, and investor-friendly policies, making the country an attractive destination for global investment. He invited Norway to further partnership in areas such as the blue economy, renewable energy, green transition, critical minerals, innovative industries, and shipbuilding, while also reiterating India's commitment to sustainable development and climate action.
Mr. Modi said, "India's large size, growing energy needs, and climate commitments are promoting the rapid expansion of renewable energy, green hydrogen, and clean energy infrastructure." He also appreciated Norway's expertise in reducing carbon emissions in the maritime sector, ocean sustainability, and climate finance.
The Prime Minister encouraged business organizations from both countries to establish new partnerships and take advantage of emerging opportunities to further strengthen economic relations. Several agreements were signed between Indian and Norwegian companies and institutions during the summit. Earlier in the day, four roundtable discussions were held in Oslo, focusing on innovation in health services, maritime cooperation, batteries and energy storage systems, digitization and electrification, and wind energy.
