During remarks in Oslo on May 19, Prime Minister Narendra Modi emphasised that his government is presenting optimal opportunities to elevate manufacturing in India. He urged Norwegian companies to consider investing in various sectors within the country. Modi specifically pointed out the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association as a strong framework built on mutual trust and technology.

Implemented in October 2025, TEPA aims to significantly enhance economic cooperation between India and countries in the EFTA. Modi stated that the agreement has ambitious targets, including attracting $100 billion in investments from EFTA nations over the next 15 years and creating one million jobs. He firmly believes these goals are realistic and achievable.

Furthering his message, Modi remarked that India-Norway relations extend beyond mere potential; they represent a robust partnership. He expressed gratitude to Norway’s Prime Minister for organising the summit and admired the collaborative spirit between the business and research communities of both nations.

Call for Global Engagement and Investment

Modi made an appeal to international business leaders, encouraging them to deepen their engagement with India. He highlighted the unique economic opportunities that India offers, noting the consistent participation of various CEOs in investor summits such as Vibrant Gujarat. According to him, the current moment is particularly favourable for foreign investments.

In light of global challenges concerning food, fuel, and fertiliser security, Modi pointed to the ongoing collaboration between India and Norway to seek solutions. He cited several partnerships, including Orkla’s investments in the food sector and Yara’s contributions to fertiliser production in India, illustrating the existing cooperation across multiple domains.

Focusing on the potential for future investments, Modi remarked on India’s expanding middle class, which is generating significant demand, particularly in nutrition and health. He encouraged Norwegian companies in sectors like food, fisheries, and healthcare to explore partnership opportunities in India.

Strategic Initiatives for Clean Energy and Manufacturing

Modi outlined India’s ambitious clean energy goals, which include achieving 500 gigawatts of clean energy production and producing 5 million tonnes of green hydrogen by 2030. He encouraged Norwegian companies to become key stakeholders in India’s clean energy initiatives, emphasising that investments in this area are a priority for Norway’s Wealth Fund.

As part of India’s broader reform agenda, Modi mentioned significant improvements in compliance requirements and the Ease of Doing Business. He highlighted recent reforms in sectors such as taxation and governance as critical steps forward for the Indian economy.

In the context of manufacturing, Modi underscored India’s progress in developing shipbuilding clusters, aiming to position it as a competitive player in the sector. He noted the current contribution of India, wherein nearly ten per cent of Norwegian ships are constructed in India, and he proposed an ambitious target of increasing this figure to twenty-five per cent within five years.

He asserted that India’s ‘Green Strategic Partnership’ with Norway would further enhance collaboration in critical sectors, inviting Norwegian companies to help India become a hub for innovation and manufacturing. Modi also mentioned the establishment of partnerships in research and development between Indian and Norwegian institutions, aimed at fostering mutual growth.

Finally, Modi announced the opening of a dedicated Trade Facilitation Desk under the ‘Invest India’ initiative to better cater to Norway’s investment needs, encouraging Norwegian businesses to seize opportunities in India. “Come to India,” he urged, assuring them of significant support to facilitate their investment journeys.

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