PM Modi courts Norwegian investment in shipping, green transition

Prime Minister Narendra Modi has urged Norwegian companies to increase investments in India in sectors such as the blue economy, shipbuilding, green transition, renewable energy, health-tech, critical minerals and startups, highlighting Norway’s strengths in these areas.

PM Modi made the pitch at the India-Norway Business and Research Summit in Oslo on Monday during his two-day visit to the Scandinavian country. Crown Prince Haakon and Norway Prime Minister Jonas Gahr Støre also attended the summit.

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The prime minister underscored India’s green transition agenda, citing the country’s scale, rising energy demand, climate commitments and rapid expansion in renewable energy, grid infrastructure, green hydrogen and clean energy.

He praised Norway’s leadership in clean energy investments, maritime decarbonisation, ocean sustainability and climate finance, and urged businesses in both countries to forge new partnerships and deepen economic cooperation.

Modi also highlighted growth in bilateral trade and investment after the Trade and Economic Partnership Agreement (TEPA) came into force. He said stakeholders should work towards achieving the agreement’s target of $100 billion in investments and the creation of 1 million jobs in India.

Norwegian investment interest in India has been rising, particularly in ocean-related sectors such as maritime industries, shipping, marine services, and oil and gas. Other areas drawing interest include clean energy, environment and information and communications technology. Norway’s sovereign wealth fund, the Norwegian Pension Fund Global, is among India’s largest foreign investors.

The prime minister also referred to India’s economic growth trajectory, demographic dividend, young workforce, investor-friendly regulatory framework and competitive federalism.

The summit was attended by chief executives of more than 50 companies and over 250 participants from Indian and Norwegian business and research communities. Several agreements between Indian and Norwegian entities were signed during the event.

Ahead of the summit, four roundtable sessions were held across Oslo on healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.

Several memorandums of understanding were signed after the meeting between the two prime ministers in areas including high-tech health solutions, digital health and digital public infrastructure.

An agreement between the Indian Space Research Organisation and the Norwegian Space Agency is expected to deepen cooperation in the space sector.

India and Norway also signed a triangular cooperation agreement to jointly provide human development solutions to countries in the Global South using India’s digital public infrastructure.