Prime Highlights-
- Prime Minister Modi urged India and EFTA countries to achieve the target of 100 billion US dollars in investment and create one million jobs in India.
- India and Norway signed multiple agreements in sectors including space, healthcare, sustainability and digital infrastructure.
Key Facts-
- The India-EFTA Trade and Economic Partnership Agreement aims to increase trade and long-term investments between India and EFTA member countries.
- Norway is known globally for its expertise in clean energy, maritime technology, ocean sustainability and climate finance.
Background-
Prime Minister Narendra Modi called for faster investment and stronger business partnerships under the India-EFTA Trade and Economic Partnership Agreement during the India-Norway Business and Research Summit in Oslo this month.
The summit was attended by Norwegian and Indian business leaders, researchers and government representatives, including Norwegian Prime Minister Jonas Gahr Støre and Crown Prince Haakon.
Modi said India and EFTA countries should work toward the agreement’s target of attracting 100 billion US dollars in investment and creating one million jobs in India. He highlighted India’s business-friendly environment, growing economy and skilled youth population as major advantages for foreign investors.
The Prime Minister encouraged Norwegian companies to expand investments in sectors such as renewable energy, shipbuilding, green technology, health-tech, startups, critical minerals and the blue economy. He also stressed India’s rapid progress in renewable energy, clean energy infrastructure and green hydrogen.
During the summit, India and Norway signed several agreements related to space cooperation, digital public infrastructure, sustainability, tunnelling technology, healthcare and advanced technologies.
The discussions also focused on maritime cooperation, batteries, energy storage systems, electrification and wind energy.
The Ministry of External Affairs said the summit reflected growing economic cooperation between India and Norway after the implementation of the India-EFTA trade agreement.
Officials added that stronger cooperation in green and blue economy sectors could help increase investment, support employment generation and improve energy security for India.