PM Modi Pushes $100 Billion Investment Target Under India-EFTA Pact at Norway Summit

Prime Minister Narendra Modi called for accelerated investments and deeper economic collaboration under the India-EFTA agreement while addressing a high-level business summit in Norway, highlighting opportunities in green growth and innovation-led sectors.

India-Norway Summit Strengthens Economic Collaboration

Prime Minister Narendra Modi, along with Norway’s Prime Minister Jonas Gahr Støre, addressed the India-Norway Business and Research Summit held in Oslo. The summit was also attended by Crown Prince Haakon, marking the significance of the gathering at the highest levels of leadership.

The event followed successful bilateral discussions between India and Norway, further reinforcing the shared commitment to strengthening economic and strategic ties. With participation from more than 50 CEOs and over 250 delegates from business and research sectors, the summit emerged as a key platform for expanding cooperation.

The discussions reflected growing engagement between the two nations, particularly after the implementation of the Trade and Economic Partnership Agreement (TEPA), which has already started yielding positive outcomes in trade and investments.

$100 Billion Investment Target and Job Creation Vision

A major highlight of the summit was Prime Minister Modi’s call to achieve an ambitious investment target of $100 billion under the India-EFTA agreement. He emphasised that this level of investment could generate up to one million jobs in India, significantly boosting economic growth and employment.

The Prime Minister urged stakeholders from both countries to actively work toward this goal, stressing that the agreement offers immense potential for businesses and investors. He highlighted that India’s rapidly expanding economy, combined with a favourable policy environment, creates ideal conditions for long-term investments.

Modi pointed out that India’s young and skilled workforce, along with its innovation-driven ecosystem, provides a strong foundation for industrial growth and global partnerships.

India’s Business-Friendly Ecosystem Attracts Global Investors

During his address, the Prime Minister underscored India’s strengths as an investment destination. He spoke about the country’s investor-friendly regulatory framework, improved ease of doing business, and robust governance systems.

India’s demographic advantage, with a large and aspirational youth population, was highlighted as a key driver of future growth. Modi also referred to the concept of competitive federalism, where Indian states compete to attract investments by offering better infrastructure and policy support.

He encouraged Norwegian companies to explore opportunities across diverse sectors, leveraging India’s scale and market potential. The government’s focus on reforms, digitalisation, and infrastructure development further enhances India’s attractiveness for global investors.

Focus on Key Sectors: Green Energy, Blue Economy, and Innovation

Prime Minister Modi identified several priority sectors where India and Norway can deepen collaboration. These include the blue economy, shipbuilding, renewable energy, green transition technologies, health-tech, and critical minerals.

He emphasised that India’s commitment to sustainability and clean energy opens new avenues for partnerships. With increasing investments in renewable energy, grid modernisation, and green hydrogen, India is positioning itself as a global leader in the energy transition.

Norway’s expertise in maritime industries, ocean sustainability, and clean energy technologies complements India’s growth ambitions. Modi invited Norwegian businesses to actively participate in these sectors and contribute to India’s sustainable development journey.

Green Strategic Partnership Gains Momentum

The India-Norway relationship has been elevated to a Green Strategic Partnership, reflecting shared priorities in climate action and sustainable growth. At the summit, Modi highlighted India’s ambitious environmental goals, including expanding renewable energy capacity and reducing carbon emissions.

He acknowledged Norway’s global leadership in areas such as clean energy investments, maritime decarbonisation, and climate finance. The partnership aims to combine Norway’s technological expertise with India’s large-scale implementation capabilities.

This collaboration is expected to accelerate innovation in green technologies while also contributing to global climate goals. Both countries see the partnership as a long-term framework for addressing environmental challenges and promoting sustainable economic growth.

Key Agreements Signed Across Strategic Sectors

The summit also witnessed the signing of several business agreements between Indian and Norwegian companies and government entities. These agreements covered a wide range of sectors, including space technology, digital public infrastructure, sustainability, tunnelling technology, healthcare, and advanced technologies.

Such collaborations are expected to enhance knowledge exchange, boost technological innovation, and create new business opportunities. The agreements also reflect the growing confidence of investors in the India-Norway partnership.

MEA Highlights Growth in Bilateral Relations

During a special media briefing, Sibi George, Secretary (West) at the Ministry of External Affairs, highlighted the significant progress achieved in bilateral relations during the visit.

He emphasised that the Green Strategic Partnership is a key pillar of cooperation, particularly in the areas of green and blue economy. According to him, this partnership will attract investments, generate employment, and enhance energy security for India.

Sibi George also referred to the “three Ts” — Trade and Investment, Technology, and Talent — as essential components of India’s vision for becoming a developed nation, often referred to as “Viksit Bharat.”

Pre-Summit Discussions and Sectoral Roundtables

Ahead of the main summit, multiple roundtable sessions were organised across different venues in Oslo. These sessions focused on critical areas such as healthcare innovation, maritime cooperation, battery storage technologies, digitalisation, electrification, and wind energy.

The discussions allowed industry leaders, researchers, and policymakers to exchange ideas and identify actionable opportunities for collaboration. These focused dialogues played a crucial role in shaping the broader agenda of the summit.

Conclusion: A New Chapter in India-EFTA Economic Ties

The India-Norway Business and Research Summit marks a significant step forward in strengthening economic ties under the India-EFTA framework. With ambitious investment targets, growing sectoral collaboration, and a shared commitment to sustainability, the partnership is poised for substantial growth.

Prime Minister Modi’s call for increased investment and job creation reflects India’s broader strategy of leveraging global partnerships to drive economic development. As both nations continue to deepen their engagement, the India-Norway relationship is set to play a crucial role in shaping future economic and environmental outcomes.