On Monday, May 18, 2026, Prime Minister Narendra Modi addressed global business and research leaders at the India-Norway Business and Research Summit in Oslo, declaring that India is offering unprecedented opportunities and incentives to elevate its manufacturing sector to global prominence.
The address took place during the fourth leg of the Prime Minister’s five-nation European and Gulf tour, marking the first time an Indian premier has traveled to Norway in 43 years.
The $100 Billion Roadmap: Capitalizing on TEPA
A central focus of the Prime Minister’s pitch was the newly implemented India-EFTA Trade and Economic Partnership Agreement (TEPA), which officially came into force in October 2025.
- Ambitious Core Targets: The historic pact with the European Free Trade Association (EFTA)—which includes Norway, Switzerland, Iceland, and Liechtenstein—aims to attract $100 billion in foreign direct investment (FDI) into India over the next 15 years.
- Employment Catalyst: The influx of EFTA capital is projected to directly generate one million high-skilled jobs within India.
- The Special EFTA Desk: To address operational feedback, the Indian government highlighted the active role of its dedicated “EFTA Desk,” established to fast-track regulatory clearances and iron out ground-level bottlenecks for Northern European businesses.
Elevating to a “Green Strategic Partnership”
Following bilateral talks between PM Modi and Norwegian Prime Minister Jonas Gahr Støre, the two nations formally elevated their diplomatic and economic ties to a Green Strategic Partnership.
This framework is specifically engineered to combine Norway’s advanced technology and institutional capital with India’s massive industrial scale, speed, and talent pool. The primary manufacturing and industrial verticals targeted under this partnership include:
- Green Shipping & Maritime Clusters: Collaborating on zero-emission vessels, green hydrogen/ammonia fueling infrastructure, and advanced shipyard manufacturing.
- The Blue Economy: Sustainable ocean governance, deep-sea research technologies, and marine resource processing.
- Renewable Infrastructure & Energy Transition: Scaling up manufacturing supply chains for offshore wind, solar components, and energy storage technologies.
- Deep-Tech & Industrial Automation: Joint ventures focusing on Artificial Intelligence (AI), robotics, cybersecurity, and space-based research.
Diplomatic and Institutional Triumphs
The business summit capped a day of immense diplomatic significance for India in Oslo:
- Highest Civilian Honour: In recognition of his international leadership and efforts to build a resilient global supply chain, PM Modi was conferred with the Grand Cross of the Royal Norwegian Order of Merit—marking his 32nd international honor.
- Royal Audience: The Prime Minister met with His Majesty King Harald V at the Royal Palace to discuss India’s ongoing digital transformation and the rapid modernization of its infrastructure corridors.
- B2B Momentum: The summit served as a backdrop for Indian and Norwegian enterprises to sign 19 distinct Business-to-Business (B2B) Memorandums of Understanding (MoUs), expanding cross-border corporate alliances.
“Our agreement is a pact centered on talent, technology, and mutual trust. We are offering the best opportunities and incentives across key sectors to take manufacturing in India to the next level.” — Prime Minister Narendra Modi.
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