PM Modi courts Norwegian investors with TEPA push, clean energy pitch and shipbuilding bet

Prime Minister Narendra Modi on Monday urged Norwegian businesses to deepen their presence in India, framing the country as a long-term investment destination with scale, policy stability and new opportunities in shipbuilding, clean energy, health and food security. Speaking at the India-Norway Business and Research Summit in Oslo, PM Modi said the relationship is “not just a partnership of possibilities, it is a proven partnership,” and called for taking the engagement “to the next level.”

TEPA and capital flows

PM Modi said the India-EFTA Trade and Economic Partnership Agreement, operationalised in October 2025, is a “unique and special agreement” built on “talent, technology and mutual trust.” He added that the pact aims to attract $100 billion in investment from EFTA countries into India over the next 15 years and create 1 million jobs, adding that these targets are “ambitious, but achievable.”

He also pointed to the large number of CEOs from Norway who have participated in Vibrant Gujarat and other investor summits, saying it was time to move from routine engagement to a sharper business push. “We must now take this partnership to new frontiers by enhancing its intensity,” he said, adding that the current moment offered “a unique opportunity to make the right use of the right time.”

Sectors for expansion

The Prime Minister identified two sectors he sees as especially attractive for Norwegian companies: nutrition and healthcare, and clean energy. He said India’s fast-growing middle class is creating strong demand in health and nutrition, and that “Norwegian food, fisheries and healthcare companies can become strong partners” in meeting it. On energy, he said India’s ambition is unmatched globally and reiterated the target of 500 GW of clean energy and 5 million tonnes of green hydrogen by 2030.

“Clean energy investment is also a priority for the Norway Wealth Fund,” PM Modi said, inviting Norway to become “an important partner in India’s clean energy future.” He added that the government has been reducing compliance burdens, improving ease of doing business and rolling out “next-generation reforms” in taxation, labour codes and governance.

Shipbuilding opportunity

A major part of PM Modi’s pitch focused on shipbuilding. He said India is emerging as a global hub for MRO, green shipping and maritime services, and added that “today, nearly 10% of Norway’s ships are built in India.” The Prime Minister asked whether that share could be lifted to 25% in the next five years, saying he believed it was “not a difficult task.” He described shipbuilding as a strategic manufacturing sector and said India is developing clusters and an end-to-end ecosystem around it.

Norway’s view

Norwegian Prime Minister Jonas Gahr Store said the two countries are natural and complementary partners, particularly in sectors such as MedTech, health, maritime cooperation, batteries, storage systems, digitalisation and wind energy. He said the agreements signed during the visit would create value and jobs in both countries and that the TEPA is an “open door” for future cooperation. Store also said countries that believe in a rule-based order must “move closer together” at a time when trade, diplomacy and value chains are being weaponised.

Order of Merit

Separately, PM Modi was conferred the Grand Cross of the Royal Norwegian Order of Merit, one of Norway’s highest honours, in recognition of his role in strengthening India-Norway ties. The honour underlined the political weight attached to a visit that both sides described as a fresh phase in bilateral relations.