PM Modi Invites Norwegian Firms To Invest In India Under $100 Billion EFTA Pact

Prime Minister Narendra Modi on Monday pitched India as a major investment destination at the India-Norway Business and Research Summit, highlighting the India-EFTA trade pact’s target of bringing $100 billion into the country over the next 15 years.

According to an official statement, the meeting reflected India’s growing importance as a trusted economic partner and innovation destination for Nordic economies.

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In his address, PM Modi highlighted the strong foundation of India-Norway ties especially in food, fuel and fertilizer sectors.

According to MEA, the Prime Minister at the meeting highlighted the vast opportunities for expanding trade, investment, technology and talent partnerships following the entry

into force of the India–EFTA Trade and Economic Partnership Agreement (TEPA) especially with the commitment of USD 100bn in next 15 years into India.

“This unique and special agreement between us is an agreement of talent, technology, and mutual trust. Through this agreement, the goal is to bring $100 billion of investment to India from the EFTA countries and create 1 million jobs over the next 15 years,” PM Modi said.

He further said: “India’s rapidly growing middle class is creating major demand in the nutrition and healthcare sectors. Norway’s food, fisheries, and healthcare companies can become strong partners in meeting this demand in India. Similarly, in the field of clean energy, no one in the world can match India’s aspirations.”

“By 2030, we have set a target of achieving 500 gigawatts of clean energy and producing 5 million tonnes of green hydrogen. Clean energy investment is also a priority for the Norway Wealth Fund. I invite Norway to become a key partner in India’s clean energy future,” the PM added.

The meeting was attended by CEOs of Energy and offshore wind, Green hydrogen and green ammonia, Maritime and shipping, Fertilizers and food security, Consumer goods and food processing, Industrial manufacturing and coatings, Robotics and underwater technologies, Healthcare technologies and Research, innovation and higher education.

At the meeting, Norway Prime Minister Jonas Gahr Store said: “The trade agreement we have signed is unique. We have never made that kind of commitment in terms of expanding our investment, creating a million jobs in India over time… I believe we are complementary partners in a certain range of areas, and the cooperation is already extensive…”

“We have a green partnership, which can frame what we do as new proposals and sectors come into play. Several MoUs and B2B agreements have been signed… This cooperation will create value and jobs in both countries. We have certain ambitions to contribute to India… I think that the Trade and Economic Partnership Agreement is an open door and now has enough contact points across this table that we wish to see expanded by future visits, future interchanges to add new value,” he added.