Oslo [Norway], May 19 : Prime Minister Narendra Modi on Monday said his government is offering the best opportunities and incentives across key sectors to take manufacturing in India to the next level and urged companies in Norway to invest in India.
He said India's Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association reflects a strong framework built on talent, technology and mutual trust, with ambitious goals for investment and employment generation.
"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," PM Modi said at the Norway-India Business and Research Summit.
He said the agreement aims to significantly boost economic cooperation between India and EFTA countries. "Through this very agreement, the objective is to attract an investment of $100 billion from EFTA countries into India over the next 15 years, and to create one million jobs. These are ambitious targets, but they are achievable," he said.
PM Modi said India-Norway ties are not merely a partnership of potential, it is a proven partnership.
"I have had the opportunity to engage in a dialogue with business and research leaders from Norway and India. I express my heartfelt gratitude to the Prime Minister of Norway for the magnificent organisation of this summit. It gives me great pleasure to be amidst the business and research communities of Norway and India today. Having listened to some of the colleagues here, I am convinced that the foundation of our partnership is extremely strong."
PM also urged global business leaders to expand and deepen their engagement with India, saying that the country offers a unique opportunity for stronger economic partnerships.
"I am delighted that many of you CEOs have consistently participated with great enthusiasm in India's Vibrant Gujarat and other investor summits. We must now take this partnership to new frontiers by enhancing its intensity. We must accelerate our pace and set our goals significantly higher," he said
"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. Today marks a moment that presents a unique opportunity to make the right use of the right time," he added.
Highlighting global challenges, he said, "Today, when food, fuel, and fertiliser security have, in a sense, become global challenges, India and Norway are working together to find solutions."
"Be it Orkla's investment in India's food sector, the supply of LPG and LNG to India by Equinor, or Yara's contribution to India's fertiliser sector--our collaboration is evident across the board," he added.
PM Modi said India's fast-growing economy, expanding middle class, and clean energy ambitions present major opportunities for global investors, including Norwegian companies, particularly in nutrition, health, and green energy sectors.
"I would like to mention two sectors that could prove to be extremely beneficial for you. India's rapidly growing middle class is generating significant demand within the nutrition and health sectors...Norway's food, fisheries, and healthcare companies can emerge as strong partners for India in meeting this demand. Similarly, when it comes to the field of clean energy, India's aspirations are unmatched globally. By the year 2030, we have set a target to produce 500 gigawatts of clean energy and 5 million tons of green hydrogen."
PM Modi said investments in clean energy are also a priority for Norway's Wealth Fund.
"I invite Norway to become a key stakeholder in India's clean energy future."
Outlining India's reform agenda, the Prime Minister said, "As we move forward guided by the mantra of 'Reform, Perform, and Transform', if we look back, we have completely transformed India's economic DNA over the last 12 years."
He added, "We are continuously working on streamlining compliance requirements, and the government is taking highly proactive steps to further enhance the 'Ease of Doing Business.' Recently, we have implemented 'next-generation reforms' in key areas such as taxation, labour codes, and governance."
PM Modi said India is developing shipbuilding clusters and creating an end-to-end ecosystem.
"I believe that, in order to take manufacturing in India to the next level, we are currently offering the very best opportunities available. We are providing incentives across several key sectors. A shining example of this is our shipbuilding sector. We are working to rapidly advance this sector, positioning it as a strategic manufacturing sector. We are developing shipbuilding clusters and creating an end-to-end ecosystem. Alongside shipbuilding, India is emerging as a global hub for MRO, green shipping, and maritime services. 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. We have now gained momentum. With our ambitious targets, we now require bold steps. I invite all of you to leverage India's policies, stability, and incentives to become major partners in this sector," he added.
PM Modi said that India and Norway have elevated their ties to the level of a 'Green Strategic Partnership.'
"Through this Strategic Partnership, Norwegian companies will receive full support in critical sectors such as critical minerals, AI, cyber technology, space, and defence. In all these sectors, I invite you to help transform India into a hub for innovation and manufacturing. Today, we are also fostering India-Norway relations through 'Lab-to-Lab,' 'University-to-University,' and 'Scientist-to-Scientist' partnerships. India's CSIR, its startup funds, and Norway's research institutions are actively enhancing their mutual cooperation," he said.
"This will serve to connect the research and startup ecosystems of both nations," he added.
PM Modi that specifically for Norway, India has established and formally opened a dedicated Trade Facilitation Desk within India's 'Invest India' initiative, "so that we may address your specific needs with focused attention".
"This desk will make your investment journey in India smoother, faster, and more effective... My primary message to all of you is this: Come to India, expand both your scope and your ambitions here. I extend a warm invitation for you to come and join us in India... I, too, have given you my assurance from my side; and in a way, the ball is now in your court," he said.