Prime Minister Narendra Modi on Monday, 18 May attended the India-Norway Business and Research Summit in Oslo, as the two nations moved to deepen bilateral economic ties in the wake of the India-EFTA Trade and Economic Partnership Agreement (TEPA) coming into force. Several business agreements between Indian and Norwegian companies were signed at the summit.

Scale and Scope of the Summit

The high-level gathering drew CEOs of over 50 companies and more than 250 participants from Norwegian and Indian business and research communities. Ahead of the main summit, four roundtable sessions were held at different venues across Oslo, covering healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.

What Modi Said at the Summit

In his address, Modi acknowledged the growth in bilateral trade and investments since TEPA's entry into force, urging both sides to work toward the agreement's investment target of $100 billion and the consequent creation of one million jobs in India. He highlighted India's 'strong upward growth trajectory, demographic dividend, talented and aspirational youth, robust business practices, investor-friendly regulatory framework, and the spirit of competitive federalism,' according to an official statement.

Modi called for greater Norwegian investment in key sectors including the blue economy, shipbuilding, green transition, renewable energy, health-tech, critical minerals, and start-ups.

Green Transition at the Centre

Modi also underscored India's ambitious green transition agenda, pointing to the country's scale, growing energy demands, climate commitments, and rapid expansion in renewable energy, grid infrastructure, green hydrogen, and clean energy. He acknowledged Norway's global leadership in clean energy investments, maritime decarbonisation, ocean sustainability, and climate finance.

Why This Summit Matters

The Oslo summit is the first major bilateral business engagement of this scale since TEPA — which India signed with the four-nation European Free Trade Association (EFTA) bloc — came into force. Norway, a sovereign wealth fund heavyweight and global leader in offshore energy, represents a strategically significant partner for India's green and maritime ambitions. This comes amid India's broader push to diversify trade partnerships beyond traditional corridors.

What Comes Next

Both governments and business communities are expected to follow up on the agreements signed in Oslo with sectoral working groups. The $100 billion investment target under TEPA will serve as the benchmark against which progress is measured in the months ahead.