Prime Minister Narendra Modi on Monday called for deeper economic collaboration between India and Norway, urging Norwegian companies to expand investments in sectors such as clean energy, shipbuilding, maritime industries and health technology during the India-Norway Business and Research Summit in Oslo.
The summit, attended by Norway’s Crown Prince Haakon and Prime Minister Jonas Gahr Store, brought together CEOs of more than 50 companies and over 250 participants from the business and research communities of both countries. The event reflected the growing momentum in bilateral ties following the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA).
Addressing the gathering, Modi highlighted the rapid expansion of India’s economy and said both countries should work towards achieving the ambitious targets outlined under the trade pact.
“Stakeholders on both sides should make efforts to achieve the investment target of USD 100 billion under TEPA and the consequent creation of one million jobs in India,” the Prime Minister said.
He underlined India’s strong economic growth trajectory, demographic advantage and investor-friendly policies, while pitching the country as a preferred destination for global investment.
Modi encouraged greater Norwegian participation in sectors including the blue economy, renewable energy, green transition, critical minerals, start-ups and shipbuilding. He also stressed India’s commitment to sustainable development and climate action.
“India’s scale, growing energy demands and climate commitments are driving rapid expansion in renewable energy, green hydrogen and clean energy infrastructure,” he said, while praising Norway’s leadership in maritime decarbonisation, ocean sustainability and climate finance.
The Prime Minister urged businesses from both nations to forge new partnerships and explore emerging areas of cooperation to strengthen economic ties further.
Several agreements between Indian and Norwegian companies and institutions were signed during the summit, although details of the pacts were not immediately disclosed.
Earlier in the day, four roundtable discussions were organised across Oslo focusing on healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.
Later, Modi shared details of the summit in a post on X, saying the discussions highlighted the vast potential for cooperation between the two countries.
“At the Oslo City Hall, Prime Minister Jonas Gahr Store and I took part in the Business and Research Summit. It was good to interact with those active in the world of business and research,” Modi wrote.
“Our nations can collaborate extensively in areas like food security, fertilisers, fisheries and energy. I invited Norway to invest in India’s clean energy initiatives. Also talked about India’s reform trajectory. An area like shipbuilding too presents unlimited possibilities,” he added.
The summit forms part of Modi’s broader push to strengthen India’s economic partnerships in Europe and attract long-term investments in infrastructure, clean energy and advanced technology sectors.