PM Modi Invites Norway to Bet Big on India's Manufacturing Boom

Prime Minister Narendra Modi, who became the first Indian PM in 43 years to visit Norway, urged Norwegian companies on Monday to invest big in India, stating that his government was offering "the best opportunities" and incentives to expand manufacturing and clean energy cooperation. Speaking at the Norway-India Business and Research Summit, PM Modi said India's trade agreement with the European Free Trade Association (EFTA) would help deepen economic ties between India and countries including Norway. The Prime Minister also said the Trade and Economic Partnership Agreement (TEPA) between India and EFTA nations had come into effect in October 2025. "In October 2025, we implemented the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association.

This unique and special agreement is a pact centred on talent, technology, and mutual trust between us," he said. PM Modi added that the agreement aimed to attract $100bn in investment from EFTA countries over the next 15 years and create one million jobs in India. "These are ambitious targets, but they are achievable," he added. The Prime Minister also described India-Norway relations as "not merely a partnership of potential" but "a proven partnership". "I am convinced that the foundation of our partnership is extremely strong," he told business and research leaders attending the summit.

https://www.youtube.com/watch?v=kTU-wTzTvnM

Appeal to Norwegian Businesses

PM Modi also urged companies already operating in India to expand their presence further. "Those of you who are already associated with India, let me assure you that for the discussions and interactions taking place here today, there could be no better time than the present," he said. He added: "We must now take this partnership to new frontiers by enhancing its intensity. We must accelerate our pace and set our goals significantly higher."

Energy and Clean Technology

PM Modi also highlighted cooperation between Indian and Norwegian companies in food, energy and fertiliser sectors. "Today, when food, fuel, and fertiliser security have, in a sense, become global challenges, India and Norway are working together to find solutions," he said. He referred to investments and partnerships involving companies including Orkla, Equinor and Yara International. The Prime Minister said India's growing middle class and renewable energy ambitions offered major opportunities for Norwegian businesses, particularly in healthcare, fisheries and clean energy. "By the year 2030, we have set a target to produce 500 gigawatts of clean energy and 5 million tons of green hydrogen," he said. "I invite Norway to become a key stakeholder in India's clean energy future."

Manufacturing and Shipbuilding

PM Modi said India was reforming its economy under what he described as the "Reform, Perform, and Transform" agenda. "We are continuously working on streamlining compliance requirements, and the government is taking highly proactive steps to further enhance the ‘Ease of Doing Business,'" he said. He also highlighted India's shipbuilding ambitions, saying the country was developing shipbuilding clusters and an "end-to-end ecosystem". "Today, nearly 10% of Norway's ships are built in India," he said. "Can we take this figure up to 25% over the next five years? I believe this is not a difficult task." He added that India was also emerging as a hub for "MRO, green shipping, and maritime services".

Strategic Partnership

He said India and Norway had elevated ties to a "Green Strategic Partnership", covering areas including critical minerals, artificial intelligence, cyber technology, space and defence. "Norwegian companies will receive full support in critical sectors," he said. The Prime Minister also said India had established a dedicated Trade Facilitation Desk for Norway under the government's Invest India initiative to support Norwegian investors. "This desk will make your investment journey in India smoother, faster, and more effective," he said. "My primary message to all of you is this: Come to India, expand both your scope and your ambitions here."