At India-Norway Business Summit, PM Modi's push for 'Invest India' initiative
PM Modi said Norwegian companies would receive full support from India in sectors such as critical minerals, artificial intelligence, cyber technology, space and defence.
Prime Minister Narendra Modi on Monday announced that India and Norway have elevated their relationship to a “Green Strategic Partnership”, calling it a major step forward in cooperation between the two countries. Addressing the India-Norway Business and Research Summit in Oslo, PM Modi said Norwegian companies would receive full support from India in sectors such as critical minerals, artificial intelligence, cyber technology, space and defence.
The summit was also attended by Norwegian Prime Minister Jonas Gahr Store and Crown Prince Haakon Magnus.
PM Modi on India’s clean energy push
In one of his strongest remarks during the summit, PM Modi said India’s clean energy goals were unmatched globally. “No one in the world can match India’s aspirations in clean energy,” he said, while highlighting India’s target of producing 500 GW of clean energy and 5 million tonnes of green hydrogen by 2030.
The Prime Minister also pointed out that Norway’s sovereign wealth fund has been actively investing in clean energy, creating opportunities for stronger collaboration between the two nations.
‘India’s economic DNA has changed’
PM Modi also spoke about India’s economic transformation over the last decade. Referring to reforms introduced by his government, he said India had completely changed its “economic DNA” over the past 12 years.
He highlighted major reforms in taxation, labour laws and governance, adding that India’s focus on “Reform, Perform and Transform” had helped create a more investor-friendly environment.
The summit saw participation from over 50 companies and more than 250 business and research leaders from India and Norway. Discussions focused on healthcare innovation, maritime cooperation, battery storage systems, digitalisation, electrification and wind energy.
PM Modi encourgage Norwegian companies to increase investments in sectors such as renewable energy, blue economy, shipbuilding, startups, health-tech and critical minerals. He also urged both sides to work towards achieving the investment target of USD 100 billion under the India-EFTA Trade and Economic Partnership Agreement (TEPA), which is expected to create one million jobs in India over time.
Norway calls trade deal 'unique'
Norwegian Prime Minister Jonas Gahr Store described the India-EFTA trade agreement as “unique” and said Norway had never before made such a major commitment towards expanding investments and supporting job creation in another country.
Store said India and Norway complement each other across several sectors and noted that multiple MoUs and business agreements were signed during the summit. He added that the growing partnership would create jobs and economic value in both countries.
A number of agreements between Indian and Norwegian companies were signed during the summit, reflecting growing momentum in bilateral economic ties after the India-EFTA trade agreement came into force.