OSLO: Highlighting India’s robust economic trajectory, Prime Minister Narendra Modi addressed the India-Norway Business and Research Summit in Oslo on Monday. The high-profile event served as a major platform to capitalize on the growing bilateral momentum generated by the recently enforced India-EFTA Trade and Economic Partnership Agreement (TEPA).
The summit saw an impressive turnout, bringing together CEOs from over 50 leading companies and more than 250 delegates spanning the Norwegian and Indian business, academic, and research ecosystems. The growing synergy between the two nations was further solidified with the signing of several key commercial agreements during the event.
The Push for $100 Billion and 1 Million Jobs
In his keynote address, Prime Minister Modi lauded the immediate positive impact of TEPA on bilateral trade and investment flows. He laid down a clear roadmap for industrial leaders, urging stakeholders from both nations to actively collaborate to meet the ambitious $100 billion investment target stipulated under the agreement, which is projected to generate one million direct jobs in India.
Pitching India as a premier global investment hub, the Prime Minister highlighted the country’s unique macroeconomic advantages:
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A strong, upward-trending economic growth trajectory.
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A massive demographic dividend driven by talented, aspirational youth.
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Robust business practices coupled with an investor-friendly regulatory framework.
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A thriving spirit of competitive federalism among Indian states.
He explicitly invited Norwegian conglomerates to ramp up investments in pioneering sectors, including the blue economy, shipbuilding, green transition, renewable energy, health-tech, critical minerals, and the startup ecosystem.
Leading the Green Transition
A central theme of the Prime Minister’s address was India’s ambitious clean energy and climate goals. PM Modi briefed the summit on India’s massive scale of operations, escalating energy demands, and rapid infrastructure deployment across grid systems, green hydrogen, and solar and wind energy.
Acknowledging Norway’s pioneering global leadership in maritime decarbonization, ocean sustainability, and climate finance, PM Modi urged the corporate and research communities of both nations to co-create technological solutions.
The main summit was preceded by intensive technical brainstorming, featuring four dedicated roundtable sessions held across Oslo. These sessions focused heavily on sector-specific collaborations in healthcare innovation, maritime cooperation, batteries & energy storage systems, digitalization, electrification, and wind energy, paving the way for deep-tier economic integration between New Delhi and Oslo.
