Oslo, Norway – A wave of optimism swept through Oslo’s business and political corridors today as high-level discussions paved the way for a significant expansion of the India-Norway partnership. With the much-anticipated visit of Indian Prime Minister Narendra Modi to Norway later this year on the horizon, leaders from both nations expressed confidence in unlocking a new era of cooperation in everything from green technology to the blue economy.
The day’s activities began with a high-powered Roundtable meeting, where the CEO of India’s National Investment and Infrastructure Fund (NIIF) and the President of the Confederation of Indian Industry (CII) joined forces with prominent Norwegian CEOs and investors. The Indian delegation, led by a senior minister, engaged in “positive interactions” with over 35 leaders from Norway’s top business and investment community.
Discussions centered on India’s remarkable trajectory as the fastest-growing major economy in the world. Indian leaders noted that the official visit has already catalyzed encouraging dialogues, positioning India not just as a market, but as a prime investment destination for Norwegian capital and expertise.
A Warm Welcome from the Prime Minister
The momentum continued as the Indian minister called on Prime Minister Jonas Gahr Støre. During the meeting, Prime Minister Støre conveyed Norway’s eagerness to host Prime Minister Modi later this year, expressing firm confidence that the visit will act as a powerful catalyst to further expand the bilateral relationship.
Prime Minister Støre lauded India’s ongoing reform momentum, which he noted presents “strong potential for collaboration.” He specifically highlighted key sectors where the two countries can thrive together, including fisheries, health technology, maritime industries, and space exploration. He also took a moment to praise the valuable contributions of the Indian diaspora in Norway, acknowledging their role as a vibrant bridge between the two societies.
From TEPA to Tech: Charting the Future
The discussions went beyond broad strokes, delving into the operationalisation of existing frameworks like the EFTA (European Free Trade Association) and the newly signed Trade and Economic Partnership Agreement (TEPA). Leaders outlined key areas for immediate and long-term collaboration, including high-tech manufacturing, start-ups, and semiconductors. In a nod to shared global challenges, they also focused heavily on green solutions such as renewable energy, waste management, and cutting-edge carbon capture and storage technologies.
Finance Minister Stoltenberg Sees “Many Opportunities”
The spirit of cooperation carried into a meeting with Norway’s Minister of Finance, Jens Stoltenberg. Mr. Stoltenberg remarked that India’s sustained economic growth offers a landscape rich with opportunities for Norwegian investment and expansion.
Their talks zeroed in on the renewable sector, with a specific focus on solar power, rare earth processing, and carbon capture and storage—areas where Norwegian technology and Indian scale could create a powerful synergy. Both parties agreed to work intensively towards leveraging the TEPA, particularly within the blue economy and green economy. The conversation also highlighted the potential for increased investment into India from Norway’s massive sovereign wealth and pension funds.
Mr. Stoltenberg echoed Prime Minister Støre’s sentiments, reiterating Norway’s keen anticipation for Prime Minister Modi’s visit later this year and expressing hope that it will usher in a new, expanded chapter in India-Norway cooperation.
With strong political will and burgeoning business interest, the stage is set for 2024 to be a landmark year in the India-Norway partnership.
