Oslo, May 19: Prime Minister Narendra Modi on Monday attended the India-Norway Business and Research Summit in Oslo, highlighting growing economic engagement between the two countries following the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA).
The summit brought together CEOs from more than 50 companies and over 250 participants representing Indian and Norwegian business and research communities.
Several business agreements between Indian and Norwegian companies and institutions were signed during the event, reflecting increasing commercial collaboration across strategic sectors.
Ahead of the summit, four sector-focused roundtable discussions were held across Oslo, covering healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.
Addressing the gathering, Modi welcomed the rise in bilateral trade and investment following the coming into force of TEPA and called for stronger industry participation to maximise the agreement’s economic potential.
He urged stakeholders from both countries to work toward achieving the agreement’s investment target of $100 billion and the creation of one million jobs in India.
The Prime Minister highlighted India’s strong economic growth trajectory, demographic advantage, skilled youth population and investor-friendly regulatory environment as major strengths supporting long-term investment opportunities.
He encouraged Norwegian companies to expand investments in India across sectors including blue economy, shipbuilding, renewable energy, green transition, health-tech, critical minerals and startups.
Modi also underscored India’s accelerating green transition strategy, pointing to rising energy demand, climate commitments and rapid expansion in renewable power, grid infrastructure, green hydrogen and clean energy projects.
He acknowledged Norway’s global leadership in clean energy investment, maritime decarbonisation, ocean sustainability and climate finance.
Calling for deeper private-sector engagement, Modi urged businesses from both countries to identify new partnership opportunities and strengthen economic and technology cooperation.
The summit reflects growing momentum in India-Norway commercial relations as both countries seek to leverage TEPA to expand trade, investment and innovation-led growth.
