India PM Modi with Norway PM Jonas Gahr Store.
Oslo/New Delhi, May 18, 2026 — India and Norway have pledged to deepen economic and research cooperation after Prime Minister Narendra Modi addressed the Norway-India Business and Research Summit, calling for faster investments, stronger industrial collaboration, and expanded partnerships in clean energy, maritime industries, and advanced technologies.
Speaking before business executives, researchers, and government officials, Modi described the relationship between the two countries as “a proven partnership” rather than one based merely on potential. He highlighted existing collaborations in food security, energy supply, and fertiliser production at a time when global supply chains remain under pressure.
The Indian leader pointed to Norwegian companies already active in India, including food giant Orkla, energy company Equinor, and fertiliser producer Yara International, saying their investments were helping strengthen bilateral economic ties.
“We will have to increase our pace, and we must also set our goals much higher,” Modi said, urging Norwegian investors to expand operations in India.
A major focus of the speech was the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), which came into effect in October 2025. Modi described the pact as an agreement built on “talent, technology, and mutual trust.”
Under the agreement, EFTA countries — which include Norway, Switzerland, Iceland, and Liechtenstein — have committed to investing $100 billion in India and creating one million jobs over the next 15 years. Modi called the target ambitious but achievable, promising government support to ensure investments translate into tangible outcomes.
The Prime Minister identified nutrition, healthcare, and clean energy as key sectors for future cooperation. He said India’s growing middle class was driving demand in food and healthcare markets, creating opportunities for Norwegian firms.
He also reiterated India’s climate and energy ambitions, including targets of producing 500 gigawatts of clean energy and 5 million tonnes of green hydrogen by 2030. Modi invited Norway’s sovereign wealth fund and clean energy companies to become “important partners” in India’s green transition.
India PM Modi with Norway PM Jonas Gahr Store.
The maritime sector featured prominently in the address. Modi noted that nearly 10 percent of Norwegian ships are currently built in India and challenged industry leaders to increase that figure to 25 percent within five years.
India, he said, is rapidly developing shipbuilding clusters while positioning itself as a global hub for maintenance, repair and overhaul (MRO) services, green shipping, and maritime logistics.
In a significant diplomatic development, Modi announced that India and Norway had elevated bilateral ties to a “Green Strategic Partnership.” The framework is expected to expand cooperation in critical minerals, artificial intelligence, cybersecurity, space technologies, and defence manufacturing.
The summit also emphasized research and innovation partnerships. Modi said India’s Council of Scientific and Industrial Research (CSIR), startup funds, and Norwegian research institutions would strengthen collaboration through university-to-university and scientist-to-scientist partnerships aimed at connecting the innovation ecosystems of both nations.
To facilitate Norwegian investment, India has established a dedicated Norway-focused trade facilitation desk within Invest India, the country’s investment promotion agency. Modi said the mechanism would streamline coordination with Indian states and speed up regulatory processes for investors.
Concluding his address, Modi urged Norwegian businesses to scale up both their “scope and ambitions” in India, adding that the country’s reforms in taxation, labour laws, governance, and ease of doing business had transformed its economic landscape over the past decade.
“In a way, the ball is now in your court,” he told the gathering, extending an invitation for companies to invest and innovate in India.
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