OSLO, May 19 (ANI): Prime Minister Narendra Modi on Monday said India is offering some of the best opportunities and incentives across key sectors to take manufacturing to the next level, while urging Norwegian companies to expand investments in the country.
Addressing the Norway-India Business and Research Summit, PM Modi said India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association reflects a framework built on talent, technology, and mutual trust, with ambitious goals for investment and job creation.
“In October 2025, we implemented the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association. This unique and special agreement is a pact centered on talent, technology, and mutual trust between us,” PM Modi said.
He said the agreement aims to significantly strengthen economic cooperation between India and EFTA countries.
“Through this agreement, the objective is to attract USD 100 billion in investment from EFTA countries into India over the next 15 years and create one million jobs. These are ambitious targets, but they are achievable,” he said.
The prime minister said India-Norway ties represent not just a partnership of potential, but a proven partnership.
“I have had the opportunity to engage in dialogue with business and research leaders from Norway and India. I express my heartfelt gratitude to the Prime Minister of Norway for the magnificent organization of this summit,” he said.
“It gives me great pleasure to be among the business and research communities of Norway and India today. Having listened to some of the colleagues here, I am convinced that the foundation of our partnership is extremely strong,” he added.
PM Modi urged global business leaders to deepen their engagement with India, saying the country offers unmatched opportunities for economic collaboration.
“I am delighted that many of you CEOs have consistently participated with great enthusiasm in India’s Vibrant Gujarat and other investor summits. We must now take this partnership to new frontiers by enhancing its intensity,” he said.
“We must accelerate our pace and set our goals significantly higher,” he added.
The prime minister said the current global environment makes this an ideal time for investment partnerships with India.
“Those of you who are already associated with India, let me assure you that for the discussions and interactions taking place here today, there could be no better time than the present,” he said.
Highlighting global economic challenges, Modi said India and Norway are working together to address issues related to food, fuel, and fertilizer security.
“Be it Orkla’s investment in India’s food sector, the supply of LPG and LNG to India by Equinor, or Yara’s contribution to India’s fertilizer sector — our collaboration is evident across the board,” he said.
The prime minister also highlighted opportunities in India’s nutrition, healthcare, and clean energy sectors.
“India’s rapidly growing middle class is generating significant demand within the nutrition and health sectors,” he said, adding that Norwegian food, fisheries, and healthcare companies could become strong partners in meeting this demand.
Referring to India’s clean energy ambitions, Modi said the country has set a target of producing 500 gigawatts of clean energy and 5 million tons of green hydrogen by 2030.
“I invite Norway to become a key stakeholder in India’s clean energy future,” he said.
Outlining India’s reform agenda, Modi said the country has transformed its economic framework over the past 12 years through reforms and improvements in ease of doing business.
“We are continuously working on streamlining compliance requirements, and the government is taking highly proactive steps to further enhance the ease of doing business,” he said.
The prime minister said India is rapidly developing its shipbuilding sector and maritime ecosystem.
“We are working to rapidly advance this sector, positioning it as a strategic manufacturing sector. We are developing shipbuilding clusters and creating an end-to-end ecosystem,” he said.
“Alongside shipbuilding, India is emerging as a global hub for MRO, green shipping, and maritime services. Today, nearly 10 percent of Norway’s ships are built in India,” Modi added.
“Can we take this figure up to 25 percent over the next five years? I believe this is not a difficult task.”
PM Modi also said India and Norway have elevated bilateral ties to a “Green Strategic Partnership.”
“Through this strategic partnership, Norwegian companies will receive full support in critical sectors such as critical minerals, AI, cyber technology, space, and defense,” he said.
“In all these sectors, I invite you to help transform India into a hub for innovation and manufacturing.”
The prime minister said India and Norway are also strengthening ties through scientific and academic collaboration, including partnerships between research institutions, universities, and startup ecosystems.
He announced that India has established a dedicated Trade Facilitation Desk for Norway under the “Invest India” initiative to support Norwegian investors.
“This desk will make your investment journey in India smoother, faster, and more effective,” Modi said.
“My primary message to all of you is this: Come to India, expand both your scope and your ambitions here. I extend a warm invitation for you to come and join us in India,” he added. (ANI)
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