Prime Minister Narendra Modi Addresses India-Norway Business and Research Summit in Oslo
Prime Minister Narendra Modi attended the India-Norway Business and Research Summit in Oslo, highlighting growing economic cooperation between both nations following the entry into force of the Trade and Economic Partnership Agreement (TEPA).
What Happened
The summit brought together Norwegian leadership, including Crown Prince Haakon and Prime Minister Jonas Gahr Støre, alongside Prime Minister Modi. According to the Ministry of External Affairs (MEA), the gathering marked increasing momentum in bilateral ties following the implementation of the India-EFTA TEPA. Over 250 representatives from the business and research communities of both countries attended the event, including chief executive officers from more than 50 companies. During the summit, Indian and Norwegian entities signed several business agreements.
Key Highlights
- PM Modi acknowledged the increase in trade and investment following TEPA’s entry into force.
- Stakeholders were encouraged to aim for TEPA’s investment target of 100 billion US dollars, which aims to create one million jobs in India.
- Norwegian businesses were urged to explore investments in sectors such as the blue economy, shipbuilding, green transition, renewable energy, health-tech, critical minerals, and start-ups.
- PM Modi emphasized India’s demographic dividend, competitive federalism, investor-friendly regulatory framework, and growing clean energy footprint including green hydrogen and grid infrastructure.
- Norway’s leadership in maritime decarbonisation, climate finance, ocean sustainability, and clean energy investments was commended.
- Four preliminary roundtable discussions held in Oslo focused on healthcare innovation, maritime cooperation, battery and energy storage systems, digitalisation and electrification, and wind energy.
Why This Matters
The summit reinforces the structural implementation of the India-EFTA Trade and Economic Partnership Agreement. The focus on technology transfer, clean energy, and maritime sectors aligns Norway’s expertise in climate finance and ocean sustainability with India’s expanding market scale, energy demands, and industrial requirements.
What to Watch Next
Future developments include the implementation of the bilateral business agreements signed at the event and progress toward the target of 100 billion US dollars in investments under the TEPA framework.
Frequently Asked Questions
Who participated in the Oslo summit?
The summit was attended by Prime Minister Narendra Modi, Norway’s Crown Prince Haakon, Norwegian Prime Minister Jonas Gahr Støre, CEOs of over 50 companies, and more than 250 business and research delegates.
What are the primary investment targets under TEPA?
The agreement aims to achieve 100 billion US dollars in investments and support the creation of one million jobs in India.
Which focus areas were covered in the roundtable sessions?
The four roundtable sessions covered healthcare innovation, maritime cooperation, battery and energy storage systems, digitalisation and electrification, and wind energy.
Source: Akashvani News (newsonair.gov.in)