On Monday, Prime Minister Narendra Modi was in Oslo for the India-Norway Business and Research Summit, which showcased the expanding economic ties between the two nations after the Trade and Economic Partnership Agreement (TEPA) between India and EFTA came into effect.
Over 250 people, including CEOs from over 50 companies, from the business and research communities in India and Norway, were present at the summit.
At the event, representatives from Indian and Norwegian businesses and institutions inked a number of agreements that will cement their growing commercial partnership in key areas.
In the days leading up to the summit, four industry-specific roundtable discussions took place all over Oslo. These covered topics such as digitalisation and electrification, wind energy, healthcare innovation, maritime cooperation, and batteries and energy storage systems.
Aiming to make the most of the agreement’s economic potential, Modi greeted the increase in bilateral trade and investment that has occurred since TEPA went into effect and urged for more involvement from industry.
He emphasised the importance of all parties involved from both nations pulling together to reach the agreement’s goals of $100 billion in investment and one million new jobs in India.
Among the key strengths that the Prime Minister cited as encouraging long-term investment opportunities were India’s robust economic growth trajectory, demographic advantage, young, talented workforce, and business-friendly regulatory climate.
He urged Norwegian businesses to increase their investments in India’s tech, shipbuilding, renewable energy, health tech, vital minerals, and startup industries, among others.
With increasing energy demand, climate pledges, and the quick growth of renewable power, grid infrastructure, green hydrogen, and clean energy projects, Modi also highlighted India’s quickening green transition plan.
Maritime decarbonisation, climate finance, ocean sustainability, and clean energy investment are areas in which Norway is a world leader, he said.
In an effort to increase private sector involvement, Modi has asked companies in both nations to seek out new areas of cooperation and to work together more closely in the areas of technology and economics.
As a result of the summit, trade, investment, and innovation-led growth between Norway and India have been on the rise, thanks to the Trans-Europeal Partnership Agreement (TEP).
Image Credit: DD News
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