Oslo, May 19: Indian Prime Minister Narendra Modi participated in the India-Norway Business and Research Summit held in Oslo on May 18. The event also saw the presence of His Royal Highness Crown Prince Haakon and Norway’s Prime Minister Jonas Gahr Støre. During the summit, PM Modi urged the business community to forge new partnerships and enhance economic cooperation.
Over 50 CEOs and more than 250 participants from the business and research sectors of Norway and India attended the summit. This event highlighted the growing momentum in bilateral economic cooperation following the implementation of the India-EFTA trade and economic partnership agreement.
Prior to the high-level summit, four roundtable sessions were held at various locations in Oslo. These sessions focused on healthcare innovation, maritime cooperation, battery and energy storage systems, digitalization and electrification, and wind energy.
In his speech, PM Modi praised the increase in trade and investment between the two countries since the implementation of the TEPA. He emphasized that stakeholders on both sides should strive to achieve a target of $100 billion in investments under TEPA, which could create one million jobs in India.
India’s rapid development journey, demographic advantages, talented and aspiring youth, strong business traditions, investor-friendly regulatory framework, and competitive federalism are its key strengths.
PM Modi encouraged more Norwegian investments in specific sectors such as blue economy, shipbuilding, green transition, renewable energy, health technology, essential minerals, and startups.
He also highlighted India’s ambitious green transition agenda, focusing on the country’s scale, rising energy demand, climate commitments, and rapid growth in renewable energy, grid infrastructure, green hydrogen, and clean energy.
The Prime Minister acknowledged Norway’s global leadership in clean energy investment, maritime decarbonization, sustainable ocean development, and climate financing.
PM Modi appealed to the business communities of both countries to create new partnerships, identify emerging areas of collaboration, and strengthen economic ties. Several business agreements were signed between Indian and Norwegian companies and entities during the summit.
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