PM Modi Invites Norwegian Investments in Blue Economy, Green Energy and Shipbuilding Sectors

Addressing the India-Norway Business and Research Summit in Oslo during his two-day visit to Norway, PM Modi emphasised India’s rapid economic growth, rising energy demand and commitment to sustainable development. The summit was attended by Norway Prime Minister Jonas Gahr Støre, Crown Prince Haakon and business leaders from both nations.  The Prime Minister underscored India’s ambitious green transition agenda, pointing to large-scale expansion in renewable energy, grid infrastructure, green hydrogen and clean energy initiatives. He praised Norway’s leadership in clean energy investments, maritime decarbonisation, ocean sustainability and climate finance, urging companies from both countries to deepen cooperation and build long-term partnerships.    Highlighting the growing economic ties between India and Norway, Modi said bilateral trade and investments have gained momentum following the implementation of the Trade and Economic Partnership Agreement (TEPA). He urged stakeholders to work towards the agreement’s target of attracting $100 billion in investments and creating one million jobs in India.

Norwegian interest in India has been increasing steadily, particularly in maritime industries, shipping, marine services, offshore energy and oil and gas sectors. Investments are also expanding into clean energy, environmental solutions and information and communications technology. Norway’s sovereign wealth fund, the Norwegian Pension Fund Global, remains one of India’s largest foreign investors.

The summit brought together over 250 participants, including chief executives from more than 50 companies representing business and research communities from both countries. Several agreements and memorandums of understanding were signed during the event covering healthcare innovation, digital health, digital public infrastructure and space cooperation.

An agreement between the Indian Space Research Organisation (ISRO) and the Norwegian Space Agency is expected to strengthen bilateral collaboration in the space sector. India and Norway also signed a triangular cooperation agreement aimed at jointly delivering human development solutions to countries in the Global South using India’s digital public infrastructure.

Ahead of the summit, dedicated roundtable discussions were held in Oslo focusing on healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation, electrification and wind energy.